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Explore the struggles of India's largest insurer, LIC, and the shift in career opportunities for LIC agents. Understand the challenges faced by LIC including the low percentage of sales through their website and the lack of pure protection products. Highlight the dominance of participating products in LIC's sales and its impact on their business and stock performance.
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Quick takeaways
- LIC's declining market share can be attributed to increased competition from private insurers and a lack of technological adaptation.
- LIC's focus on policies that combine insurance and investment may not align with the changing preferences of customers, who now expect online policy comparison and a wider range of pure protection products.
Deep dives
LIC's struggle with declining market share and agent attrition
LIC, India's largest insurer, has been facing challenges with its market share, which dropped from 68% to 59% in the past year. The decline can be attributed to various factors, including increased competition from private insurers and a lack of technological adaptation. LIC's traditional business model, relying heavily on a massive sales force of agents, has also contributed to its struggles. While LIC agents bring in over 90% of new business, the company has been unable to retain its existing agents, who are leaving for better career prospects in the private sector. The regulations on agent commissions and incentives imposed by the insurance regulator further limit LIC's ability to retain agents.
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