According to Mr D.K. Mehrotra, Managing Director, LIC, providing the best of products and services to customers is the key to maintaining market share.
In India, insurance is still a push product. LIC have not reached that level of financial literacy where customers will buy policies on their own. Policies still have to be sold. And the intermediary needs some remuneration for selling the product.
They started the ‘direct channel' last August. This online service was aimed at tech-savvy people who have little time to visit branches.
The first step is ‘lead generation'. When the customer shows interest, it is captured by the server and is passed on to the direct sales executive who approaches the customer. It is a virtual office for the customer.
