Life is a four-letter word. So is fear. Life Insurance Corporation of India is a brand that deals with both. This brand is a behemoth both in terms of the width of reach and image – an image of solidity, trust, repute, respect, and literally a sovereign status that competes with the central bank of the country – Reserve Bank of India. LIC is solid as the promise on the Indian currency note.
This entity was put together in the wake of nationalisation of the Indian insurance industry, with a clutch of 245 insurance companies and provident societies, way back in 1956. Ever since LIC has delivered to the expectations of Indians. With reliability and care, the brand has truly lived up to its long-standing slogan -“Yogakshemam Vahamyaham” (your welfare is our responsibility). The very logo, representing the protective hands gently circling a lamp, evokes trust.
This brand is a thought that dwells in the hearts and minds of the citizens. It is a thought that represents protection, and repute that has sailed through the choppy waters, resisting even stiff competition from foreign players since 2000. No insurer could match up to its might.
I remember being consulted by the corporation when foreign insurance brands were entering India. The key question posed was how should we change in terms of the brand – must we change the logo, slogan, colours, or every brand approach? I had studied the brand in detail from the consumer perspective, across urban and rural India. I told them just one thing – Don’t change a thing!
My logic was simple. LIC of India is an old brand. Its logo, image (rustic as it looks even today, despite all the minor and soft embellishments), colours, and everything else in the brand kit symbolises “old trust”.
This “old trust” cannot be replaced overnight by the modern imageries that every foreign brand was coming in with. Despite the enthusiasm of many to change and look contemporary, I advised them to stay put. For, the less you change, the more you look like an old brand that Indians trust. I believe that has paid off.
The category of insurance, banking, and finance is all about trust. Brands in these spaces must offer before anything else.
LIC of India is made-in-India, made-for-Indians, and in many ways made-by-Indians. It is a statement of pride for the country. Its reach and evangelical work in advising and educating the masses about financially securing and protecting their near and dear ones even after death is in itself a piece of unenviable work. The corporation owes its gratitude to the hundreds of thousands of agents and development officers, who spent every waking moment, trying to harness a soul for LIC’s kitty.
In the post-pandemic era, I do believe LIC has an invigorated future ahead. Those who otherwise live a life of immortal existence suddenly got a jolt, with mortality within a touching range. The need for insuring life, or providing financial security for the family after demise was never felt so strongly.
The contribution of LIC to the valuation of the corporation is humongous. LIC stands for its reach, width, reliability in settling claims, massive outsourced-insourced field force, and indeed its reputation. Long live brand LIC of India!
The author is a Brand Guru and Founder of Harish Bijoor Consults