Initiatives for Corporate Social Responsibility at ICICI Life Insurance And LIC
DOI:
https://doi.org/10.29070/9t3am089Keywords:
Corporate , Social , Responsibility , ICICI Life Insurance , LICAbstract
The phrase "corporate social responsibility" (CSR) describes a company's efforts to acknowledge the broader societal implications of its operations and to take steps to mitigate such effects. Economic systems that are good for both people and the planet, and which also help businesses thrive. An organization's operations may be positively impacted by a corporate social responsibility (CSR) framework, leading to both practical advancements and financial benefits. Whether measuring market share or corporate social responsibility standards, LIC of India has distinguished itself as a pioneer in the life insurance sector. Its focus is mainly on social issues because it is a public organization. A first in the insurance industry, it protected over 60 million people and paid out over 150,000 claims in 2017 and 2018 through various group and social security programs. The fact that LIC of India invested over '400,000 million in the social sector in 2017 and 2018 is indicative of the firm's commitment to social responsibility. The life insurance company LIC of India has done well overall. Also worth noting is that in 2013, IRDAI published rules for the withdrawal of life insurance policies. Prudential PLC has expanded from its humble beginnings in 1848 to become the largest life insurance company in the UK. There are currently no other private life insurers in India that can compare to ICICI Prudential. With a total insured value of Rs 13,780 Crore, the firm issued around 615,000 policies and earned new business premiums of Rs 1584 Crore during the fiscal year ended March 31, 2005. This is why the firm is continuously looking for new methods to improve its products, distribution systems, and technology-based delivery so that it can provide service levels that can compete with the finest in the world. In order to stay ahead of the competition, LIC of India should consistently engage in CSR as it has a significant effect on market share, customer loyalty, and profitability.
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References
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