Essay on Strategic Change Management

4477 Words Oct 20th, 2011 18 Pages
| STRATEGIC CHANGE MANAGEMENT | FINAL ASSIGNMENT | | Abin | [Pick the date] |

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Introduction:
Life Insurance Corporation of India established in 1956, is the one and only public sector insurance company in India. There were many small insurance companies and provident societies worked at that time, merged together to form LIC of India. It has got wide and huge network of Insurance agents and distributors which made them popular amongst the most remote areas of India. As it belongs to public sector, it is the most trusted insurance company in India. Since 2001, LIC of India was the monopoly power in Insurance industry on India. In 2001, private insurance companies are allowed to enter the insurance sector in India. But
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Also the private Insurance companies provide such plans, especially Unit Linked Insurance Plans, which gave very high returns within very short period of time, say 5 -10 years, along with enough life coverage. But the risk factor in ULIP-s are more, people began to run behind them leaving behind the traditional ones. This forced LIC of India to rethink and reformulate their strategy with an essential transformation. They have changed their strategy from providing traditional policies to more customers benefitted and demanded ULIP policies in 2005. In this report we will discuss in fair details about the causes, effects and need for change in strategy with respect to LIC of India. Also we’ll look at the theories and principles underlining strategic change management, intervention techniques involved, background of change, resource implication, stakeholders and their involvement, change management strategy, managing resistance to change etc in LIC ‘s change in strategy. (www.clc-london.ac.uk)
Task 1: a) Models for change management:
There are a wide range of change management model proposed by different scholars and researchers till date. Some important models among them are: * Kotter’s eight steps to successful change * Five stagers transition or grief cycle proposed by Kubler- Ross * ADKAR model by Prosci * McKinsey’s 7-s strategy * Unfreeze –freeze transition

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