Insurance major Life Insurance Corporation of India (LIC) is reportedly planning the launch of its fintech unit for business expansion.
The insurer has rolled out a total digital transformation project DIVE (Digital Innovation and Value Enhancement) and tapped a consultant to lead the initiative.
Talking to PTI, LIC’s Chairman Siddhartha Mohanty said, “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 further added that the initial planning will be to transform the customer acquisition process which involves three methods: through agents, bancassurance, and direct sales, Mint reported.
Other domains including claims settlement, loans, and other offerings will also be affected by the change and made easily accessible through just a click.
Mohanty said that once the changes are adopted customers may not need to come to LIC branches anymore. Further, he said that the changes will be accelerated through the launch of its own fintech arm. However, he did not disclose any further information on the same.
The insurer plans to launch at least 3 to 4 new products before the end of this financial year and aims to propel double-digit growth in new business premiums.
The Indian insurance major is on the verge of unveiling a new product in the first week of December, which Mohanty expects to assure returns, with policyholders receiving 10% of the sum assured lifelong after maturity.
According to Mohanty, he is confident of the forthcoming product’s potential to disrupt the market by addressing consumers’ queries about their payments and anticipated returns over extended periods. He further added that the product will also have additional features such as a loan facility and premature withdrawal which is expected to appeal to both policyholders and shareholders.
Last year, the insurer announced its plans to launch a digital platform to combat the rise of insurtech startups including Acko, Policybazaar, Digit, among others.
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