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Easy claim process and quick turnaround time brings customers close to LIC

“Morning yoga is a must for me. It not only keeps me healthy, but also provides me strength and concentration to carry on with my day long tiring work schedule,” says Purnendu Ray, one of the prominent agents of Life Insurance Corporation of India (LIC) based in Bhubaneswar (Orissa). And this keeps him as enthusiastic and energetic as he was looking when we met him in his office. He shared with us that at times his job becomes real tough for the fact that it’s tough to make people understand as to why they need to insure themselves in the first place. They just consider it as a tax saving mode. “So it’s on agents like us to explain to them all the details, and benefits associated with various life insurance policies.” However, he admits the fact that the name of LIC itself creates an environment of faith. “It makes our clients listen to us and believe what we say.”

While sipping his coffee, Purnendu revealed the secret of LIC’s success. “Easy claim process and quick turnaround time does the job for LIC.” Brand loyalty of customers is also a fact or that keeps LIC going. “There are clients who are associated with LIC for over two decades now. The reason is our service and our commitment to help our clients whenever they need us,” avers Purnendu.

When we were leaving Purnendu’s office he was preparing to meet 63-year-old Madhusudan Sutara, a client of LIC since early 90s. Now that’s called brand loyalty, what say?

Subrat Dash

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Source : IIPM Editorial, 2009

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).


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SBI, shedding its conservative approach came as a pleasant surprise! A pinch of salt, a jot of honey and, of course, a lot of fizz was what the ‘Surprisingly SBI’ campaign designed by O&M added to the otherwise humdrum personality of this good ol’ man of Indian banking. In fact, the public sector banking behemoth, which was losing out to private banks’ hard line ‘aggressive’ marketing strategies, suddenly got charged up with this advertising campaign launched in 2005. The campaign that starred some poor chaps being taken for a ride by their friends by betting on some interesting but unfamiliar facts about SBI, definitely reached out to younger people for SBI. Even the deposits, which seemed to be stagnating, all of a sudden got stimulated and reached a total of $83.91-billion mark by the end of 2005 from just $72.88 billion in 2004. And by the time others started hunting for new tactics, SBI had already taken a lead!

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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