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 venture DIVE (Digital Innovation and Worth Enhancement) and appointed a guide to steer the venture, LIC Chairman Siddhartha Mohanty stated in an interview.
“Our objective is to get best-in-class digital initiatives for all our stakeholders, customers, intermediaries, marketing people and everybody through the project DIVE,” he stated.
Within the first section, the client acquisition half goes to be reworked, he stated. Buyer acquisition is completed by three modes–agent, bancassurance and direct sale.
LIC will get most of its new prospects by its brokers. Subsequently, different areas would see transformation, he stated, including, that providers like claims settlement, loans and different providers might be made accessible on the click on of a button.
“Customers need not come to the office. Sitting at home through his mobile he can access our required services…we are focussing on fintech as well and will harness its potential in expanding business,” he stated.
LIC can be exploring choices of getting its personal fintech arm that may be developed as a enterprise mannequin, he stated. Requested to share additional particulars on fintech, he stated, it’s untimely to speak about it.
It’s to be famous that LIC has added three fintech firms as company brokers to date within the present yr for product distribution. The insurer has lined up 3-4 new product launches in the course of the present monetary yr to speed up new enterprise premium development within the double digit.
LIC goes to launch one product within the first week of December, he stated, hoping that it’ll entice quite a lot of traction out there. Sharing some options of the brand new product, Mr. Mohanty stated it’ll present assured returns and after maturity, the policyholder will get 10% of the sum assured life lengthy.
He exuded confidence that the brand new product will create disruption out there as everyone desires to understand how a lot she or he is paying and the returns one would get after 20-25 years.
As well as, he stated, mortgage services 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 stated.