This is for the first time since its nationalisation that the insurance monolith is seeking the services of a professional consultant for a revamp.

``We would like to gear up for the challenges we will face after the state-controlled industry is opened up to the private sector,'' chairman G Krishnamurthy said. Strategic business growth along with organisational spurt will be the key focus of the restructuring.

The two consultants have already made their presentations. The institution, if it deems it necessary, may invite other consultants to make presentations, an official said.

The basic framework for the institution's restructuring is being prepared by its organisation improvement cell. The recast exercise will include everything except products, investments and areas of operation.

One of the main areas of therestructuring will be the efficient deployment of its manpower totalling over 1 lakh.

``I do not think the employee strength is a constraint for a diversified conglomerate like us since we are constantly expanding our operations,'' the official said.

The Life Insurance Corporation recently hived off its pension-fund business into a separate division. It is also planning to enter into banking and property advisory services. During the early eighties, the institution had effected its first restructuring exercise in human resources development under the guidance of consultant Iswar Dayal.

A majority of the divisional offices operations were decentralised and transferred to branch offices on the basis of Dayal's suggestion.

In another effort to brush up its investment mechanism, the institution has sought the guidance of the Indian Institute Management, Ahemedabad, to train its junior executives in modern practices of the capital market.

"Almost 10-15 executives are being trained for the job," theofficial said.

While the instituion plans to appoint Merrill Lynch to manage its UK fund, the corpus of which stands at around Rs 200 crore, it is not in favour of a similar arrengment for its domestic operations. Accounting firm Chitale & Co had also prepared a report for a more efficient managment of LIC's investments. The Life Insurance Corporation now has 2046 branches, 100 divisions and 5.53 lakh agents dealing with more than 8 crore policies.