LIC set to employ brand consultant

The country's largest financial institution, Life Insurance Corporation of India, has decided to appoint a brand consultant to ensure that it appears as a tech-savvy institution to the public.

LIC has invited expressions of interest from consultancy firms to 'create further value for the strong LIC Brand'. Among other things, the corporation is seeking advice on brand strategy and support on brand tracking and media audit.

Speaking to ToI, a senior LIC official said that although LIC has one of the largest in-house technology teams with over 140 programmers, it does not have the image of a tech-savvy company. The brand consultant would change that.

"When it comes to number of customers, we are the largest life insurance company in the world and we make extensive use of technology to manage such a huge customer database," he said. With assets under management of over Rs 11, 00,000 crore, LIC is the largest financial institution in the country.

"Our ULIP portfolio is also larger than the portfolios of most mutual funds in the country. Yet not many are aware of this" he added. The corporation spends close to Rs 250 cr a year in advertising but this amount is much lower than its market share of revenue. "We are close to 75% of total premium, but in terms of adspend we are probably 25%" said an official.