Definition Of Branding :Literature gives several definitions of the term brand.

The common themes are that a brand is more than just a combination of a name, a design, a symbol or other features that differentiate a good or a service from others. (Dibb 1997). It is a unique set of tangible and intangible added values that are perceived and valued by the customer. In addition a brand is said to have personality, an emotional bond to the customer that grows out of the perceived characteristics.

Meaning :Branding A brand is a name, term, sign, symbol, or design intended to indentify goods and services of one seller or group of sellers and to differentiate them from those of competitors. All organizations and their products can be considered brands only that these brands differ success- some brands are better known and respected than others, even though this success is not a permanent feature. Marketing communication aims at developing and delivering messages on different objects like products, services, stores, events or even people. All these objects can be described as brands. A well known and respected brand is an asset. The brand enables an organization to enjoy economies of scale , creates barriers to entry for competitors, and differentiates a companys products from those of competitors. From a consumers point of view, brands offer an assurance of consistent performance, and provides signals of benefits whatever benefits (such as prestige and status) for users that consumers seek when buying such a product.

Branding is the new key challenge in the financial services industry. Life in the 21st century will be longer with more choice in more fields of activity. The financial consequences of an increased life span are particularly likely to be tough. Inevitably, this will lead to more complexity which in turn necessitates greater clarity and appeal from the service providers. Branding is more relevant in the financial services market which not only faces the problem of securing and retaining customers in an increasingly competitive marketplace but also experiences the need for heightened relevance of the brand proposition in a world where brand has been termed the new religion. Focus and strategy are essential to the development of brand in any sector but the less tangible world of financial products historically has escaped the branding issues that have governed development and culture in other industries. If there was one industry which least considered branding as an essentiality it would be the insurance industry. It was always felt as an abstract service or a fallback, more like a safety net. But it is more often than not sold through intermediaries who have already done the task of sifting through competitive products to select the most appropriate one. But with liberalization of the industry, players have to realize the need for branding in a competitive environment. Insurance companies need to strive for greater customer focus regardless of whether the customer is the end user or the intermediary. The global insurance industry itself is witnessing a period of consolidation and companies are thinking about how brand equity can work to their advantage. The European trend for banc assurance that created giants like AXA and Winterthur set a precedent followed in Lloyds TSB's acquisition of Scottish Widows. But in turn, increased competition and customer choice mean greater expectations and the medium of channel delivery cannot be overlooked. With the Internet redefining the way business is done, the brand proposition needs to be convincing in a new dimension. In cyberspace, clear corporate branding is even more vital in the absence of physical presence and issues of trust and reliability are more imperative. In India, the LIC has been successful in creating a strong brand. In rural India, the LIC is especially synonymous with insurance. But in the wake of competition it has to do a considerable brand building exercise at least in urban India.

On the other hand the general insurers have a lot of work to do. There is hardly any brand identity and leave alone loyalty. If the general insurers do not realize the importance of branding they would be definitely knocked off their feet by the strong foreign brands. Adequate time, investment and longer-term management of the brand are essential, not only for success but also survival. All brands need to be built around welldifferentiated and credible positioning that springs from the organizations history. The brand must not only be believed but lived by management and employees. An additional factor is the strong sales orientation that defines the way insurance companies operate. More often than not the industry fails to be marketing-driven. Equally, lack of direct contact with the end user compounds targeting difficulties which leads cyclically back to the question of whether the brand should be focused at the intermediary or customer. Finally the same principles apply whether it is branding a cigarette or an insurance company. Customers want and expect good service. They need to be presented with credible and attractive propositions that deliver value whether it is an everyday or once-a-lifetime option.