This article makes an attempt to describe the OD/HRD initiatives undertaken in the Life Insurance Corporation of India (LIC) in managing changes. In order to cope up with the rapid changes in the insurance market, LIC has been going through a process of transformation to revamp its corporate image. As a result of those initiatives, a number of processes started i.e., the HR strategy of job rotation, people practices of collaboration, training and development of people, in-house technology, etc. This resulted in business development and a climate of trust, industrial harmony, high integrity and transparent business practices in the corporation.

Change is inevitable and has become a way of life. To be able to adapt to the changes is the biggest challenge of organizations today, not just to survive but to ensure its growth and help to remain relevant in the changing times. The ever-changing face of the financial sector and the growing competition in the insurance industry has posed a challenge on all the insurers to maintain sustainable competitive advantage. In an effort to sustain the competition, the Life Insurance Corporation of India has been going through a process of transformation simultaneously revamping its corporate image.

All organizations are made up of certain elements which need to function in a particular way to ensure a healthy organizational climate. Any aspect of the organization that seems to be malfunctioning affects the whole system. Therefore, it is critical that all components of the organization must possess skills so as to gain an insight into how they should function in order to create a healthy organizational environment leading to organizational effectiveness. The effective way to manage change and empower people is by addressing the human side of the organization which in turn helps the organization to gain a competitive advantage. What the organizations of today need is not just development but a sustainable development which helps in bringing about a sustainable competitive advantage.

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