Case 2
Life Insurance Corporation: Restructuring for Growth*
Till the year 2000, Life Insurance Corporation (LIC) held a monopoly in the life insurance market by virtue of being India's only life insurance company in India. With the opening of the insurance sector to private players, LIC's hold on the market was threatened. Big players such as Tata AIG, ICICI Prudential, Max New York Life, and Bajaj Allianz entered the sector based on the expertise of their foreign partners and the brand equity the Indian company enjoyed with Indian customers. These private players, aided by aggressive marketing and better customer service, started eating into LIC's market share. This prompted LIC to revamp its marketing strategy to take on the competition. In ...
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