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LIC looks for high growth to tide over competition
Kolkata, Sept 02: Life Insurance Corporation is gearing up for high growth and low cost operations to maintain its position in the face of increasing competition in the insurance sector from private players.
Kolkata, Sept 02: Life Insurance Corporation is gearing up for high growth and low cost operations to maintain its position in the face of increasing competition in the
insurance sector from private players.
"We have to grow at very high rate of about 100 per cent every year to stay ahead of others and maintain our position," LIC zonal manager R K Mishra said here today.
Pointing out that the new entrants like ICICI Prudential and Birla Sun Life have sold significant number of policies last year, he said in the present situation, "a 15-20 per cent growth will no more be adequate".
Mishra, who was speaking at the 46th anniversary celebrations of the insurance company, cited the instance of the Chinese insurance market, which grew by about 100 per cent every year following its opening up in early 1990s.
Along with growth, there was also need for maintenance of quality service and low cost operations, he opined.
The LIC zonal office, also celebrating the insurance week from yesterday, launched mobile insurance vans for the city.
Bureau Report
Pointing out that the new entrants like ICICI Prudential and Birla Sun Life have sold significant number of policies last year, he said in the present situation, "a 15-20 per cent growth will no more be adequate".
Mishra, who was speaking at the 46th anniversary celebrations of the insurance company, cited the instance of the Chinese insurance market, which grew by about 100 per cent every year following its opening up in early 1990s.
Along with growth, there was also need for maintenance of quality service and low cost operations, he opined.
The LIC zonal office, also celebrating the insurance week from yesterday, launched mobile insurance vans for the city.
Bureau Report