SWOT analysis of Life Insurance Corporation of India (LIC) analyses the brand by its strengths, weaknesses, opportunities & threats. In Life Insurance Corporation of India (LIC) SWOT Analysis, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors.
SWOT Analysis is a proven management framework which enables a brand like Life Insurance Corporation of India (LIC) to benchmark its business & performance as compared to the competitors. Life Insurance Corporation of India (LIC) is one of the leading brands in the banking & financial services sector.
The article below lists the Life Insurance Corporation of India (LIC) SWOT, competitors and includes its target market, segmentation, positioning & USP. Let us start the Life Insurance Corporation of India (LIC) SWOT Analysis:
In this article:
For Life Insurance Corporation of India (LIC), SWOT analysis can help the brand focus on building upon its strengths and opportunities while addressing its weaknesses as well as threats to improve its market position.
The strengths of Life Insurance Corporation of India (LIC) looks at the key aspects of its business which gives it competitive advantage in the market. Some important factors in a brand's strengths include its financial position, experienced workforce, product uniqueness & intangible assets like brand value. Below are the Strengths in the SWOT Analysis of Life Insurance Corporation of India (LIC) :
1. Largest state-owned life insurance company in India, and also the country's largest investor
2. Has over 2000 branches across all parts of India and more than 10,00,000 agents.
3. With Largest fund base it is the biggest investor in India
4. Has over 115,000 employees across India
5. According to The Brand Trust Report, LIC is the 8th most trusted brand of India
6. LIC has subsidiaries like LIC Housing Finance Limited, LIC Cards Services Limited, LIC Nomura Mutual Fund, LIC(Nepal)Ltd, LIC(Lanka)Ltd, LIC(International)BSC(C)
The weaknesses of a brand are certain aspects of its business which are it can improve to increase its position further. Certain weaknesses can be defined as attributes which the company is lacking or in which the competitors are better. Here are the weaknesses in the Life Insurance Corporation of India (LIC) SWOT Analysis:
1. It has an image of a Government agency and hence lacks innovation
2. Being a Government agency, red tape and bureaucracy causes problems
3. Managing a huge workforce during economic crisis meant overburdened due to salaries
The opportunities for any brand can include areas of improvement to increase its business. A brand's opportunities can lie in geographic expansion, product improvements, better communication etc. Following are the opportunities in Life Insurance Corporation of India (LIC) SWOT Analysis:
1. Use of Technology to provide effective services to cater to urban population.
2. Government Schemes implementation
The threats for any business can be factors which can negatively impact its business. Some factors like increased competitor activity, changing government policies, alternate products or services etc. can be threats. The threats in the SWOT Analysis of Life Insurance Corporation of India (LIC) are as mentioned:
1. Economic crisis
2. Entry of new NBFCs in the sector
3. Varying Govt policies
There are several brands in the market which are competing for the same set of customers. Below are the top 3 competitors of Life Insurance Corporation of India (LIC):
1. SBI Life Insurance
2. Sahara Life Insurance
3. HDFC Standard Life
Hence this concludes the Life Insurance Corporation of India (LIC) SWOT analysis.
Continue reading more about the brand/company.
Life Insurance Corporation of India (LIC) Overview | |
---|---|
Parent Company |
Government of India |
Category |
NBFC |
Sector | |
Tagline/ Slogan |
Yogakshemam Vahamyaham (Your welfare is our responsibility) |
USP |
India’s Largest Life Insurance Company |
Life Insurance Corporation of India (LIC) STP | |
Segmentation |
Personal and Group Insurance |
Target Market |
Urban and Rural Investors |
Positioning |
Complete Insurance and financial solutions |
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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