As a part of its digital transformation train, insurance coverage behemoth Life Insurance coverage Company (LIC) is exploring the potential of organising a fintech unit.
LIC has initiated a complete digital transformation undertaking DIVE (Digital Innovation and Worth Enhancement) and appointed a guide to steer the undertaking, LIC Chairman Siddhartha Mohanty advised PTI in an interview.
“Our goal is to get greatest in school digital initiatives for all our stakeholders, prospects, intermediaries, advertising and marketing folks and all people via the undertaking DIVE,” he mentioned.
Within the first part, the client acquisition half goes to be remodeled, he mentioned. Buyer acquisition is completed via three modes–agent, bancassurance and direct sale.
LIC will get most of its new prospects via its brokers. Subsequently, different areas would see transformation, he mentioned, including, companies like claims settlement, mortgage and different companies can be made accessible on the click on of a button.
“Prospects needn’t come to the workplace. Sitting at residence via his cellular he can entry our required companies…we’re focussing on fintech as properly and can harness its potential in increasing enterprise,” he mentioned.
LIC can also be exploring choices of getting its personal fintech arm that may be developed as a enterprise mannequin, he mentioned. Requested to share additional particulars on fintech, he mentioned, it’s untimely to speak about it.
It’s to be famous that LIC has added three fintech corporations as company brokers thus far within the present yr for product distribution. The insurer has lined up 3-4 new product launches throughout the present monetary yr to speed up new enterprise premium progress within the double digit.
LIC goes to launch one product within the first week of December, he mentioned, hoping that it’ll entice quite a lot of traction available in the market. Sharing some options of the brand new product, Mohanty mentioned it would present assured returns and after maturity, the policyholder will get 10 per cent of the sum assured life lengthy.
He exuded confidence that the brand new product will create disruption available in the market as all people desires to know the way a lot she or he is paying and the returns one would get after 20-25 years.
As well as, he mentioned, mortgage facility and untimely withdrawal would even be a characteristic of the brand new product. Assured return merchandise are within the curiosity of policyholders and shareholders, he mentioned.
