LIC heads list of India's top service brands
Monday, June 9, 2008
There is an amazing consistency in the manner in which Life Insurance Corporation of India (LIC) has over the last five years emerged as the country’s top service brand in the Most Trusted Brands survey — the company has firmly held on to the No 1 position, despite significant changes from the second place downwards. And this year, the public sector insurance major has the incremental joy of returning to the overall Top 20 list (at No 12) after having dropped to the No 27 rank last year.
LIC’s performance this year is all the more laudable considering it has topped the life insurance category as well, across all four zones (North, South, East and West), all top four metros (Mumbai, Chennai, Delhi and Kolkata), all town types (Metros, Class I and Class II), and across SEC A, B and C respondents. The only blip in an otherwise impeccable sheet has occurred in one income group profile: among those respondents earning less than Rs 2,500 per month, LIC has the ceded the No 1 spot to SBI Life.
While many legacy brands appear to be suffering from the wear and tear of time, LIC has clearly leveraged its vast reservoir of experience in the insurance business, focusing on attributes — like customer centricity, efficient service and quick response — that have added to the brand’s trust. “We have successfully built our image on trust,” says DK Mehrotra, managing director of LIC. It’s not surprising that the public sector insurer has retained dominant market share in the life insurance category, despite the entry of several private players over the last decade.
Source :http://www.economictimes.indiatimes.com |
