Life Insurance coverage Company of India (LIC) has launched a brand new digital transformation challenge, referred to as Digital Innovation and Worth Enhancement (DIVE).
This was revealed by LIC chairman Siddhartha Mohanty in an interview with Press Belief of India (PTI), LiveMint reported.
A marketing consultant has additionally been appointed by LIC to guide the DIVE challenge.
Mohanty stated: “Our goal is to get best-in-class digital initiatives for all our stakeholders, clients, intermediaries, advertising folks and all people via the challenge DIVE.”
Within the preliminary stage of this challenge, LIC will work to regularly rework its buyer acquisition course of through brokers, bancassurance, and direct gross sales.
LIC predominantly depends on its brokers to construct clientele.
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This stage can be adopted by the digital transformation of LIC’s different domains and companies, together with claims settlement, loans, and different key choices, to make sure easy accessibility for purchasers.
Other than these digital transformation initiatives, the state-owned insurance coverage firm can also be exploring the potential of establishing its personal separate fintech unit as a possible enterprise mannequin.
Nonetheless, LIC officers didn’t present extra particulars about this unit, saying it’s “too early to debate”.
Mohanty added: “Clients needn’t come to the workplace. Sitting at dwelling via his cellular he can entry our required companies…we’re focussing on fintech as nicely and can harness its potential in increasing enterprise.”
Within the present yr, LIC has up to now enlisted three fintech corporations as its company brokers to assist the distribution of its merchandise.
Transferring ahead, the insurer is additional planning to launch three to 4 new product choices to push double-digit progress in new enterprise premiums.
As step one of this strategic plan, LIC is predicted to roll out a brand new product within the first week of December.
Mohanty acknowledged that this product will present assurance of returns, securing policyholders with as much as 10% of the sum assured lifelong, post-maturity.
