LIC has transformed into tech-enabled, capital-efficient leader: DFS Secretary
Mumbai, Jan 17
The Secretary of the Department of Financial Services, M. Nagaraju, on Saturday said that LIC has transformed into a tech-enabled and capital-efficient financial powerhouse, remaining one of the most trusted brands in Indian households.
Speaking at LIC's Strategy Meet here, the Secretary highlighted the company's historic transformation from a traditional brick-and-mortar insurer into a digitally driven, value-focused organisation.
"LIC has transformed into a tech-enabled, and capital-efficient leader, remaining the most trusted brand in Indian households," Nagaraju said.
"The continued adoption of digital marketing and a mobile-first approach was urged to ensure the realisation of the national goal of 'insurance for all,'" he stated.
The DFS Secretary emphasised that LIC is not just any insurance company but a Domestic Systemically Important Insurer (D-SII), a designation by the IRDAI that carries a profound responsibility, as LIC's stability is closely linked to the stability of India's financial system.
During the address, the Secretary discussed LIC's strategic shift in its product portfolio towards high-growth non-participating products.
"By focusing on agile innovation, LIC is attracting younger customers with customisable ULIPs and 'return of premium' plans, alongside offerings such as Yuva Term, Digi Term, and Index Plus," he mentioned.
The Secretary also underscored LIC's distribution strength, calling its massive agency force its greatest asset.
Under the Jeevan Samarth initiative, the agency force has expanded to over 14.8 lakh agents, with a strong focus on the 18-40 age group.
The launch of Bima Sakhis, women career agents, has been particularly successful, with over 2.9 lakh Bima Sakhis securing more than 14 lakh policies and covering over 50 per cent of panchayats.
The DFS Secretary expressed hope that all panchayats would be covered by Bima Sakhis by next year, further empowering women in the insurance sector.
— IANS
Reader Comments
Trust is everything with insurance. LIC has that in our family. Glad they are focusing on digital, but I hope the personal touch from agents doesn't get lost. The mobile-first approach for 'insurance for all' is the right goal.
As a young professional, I recently bought the Yuva Term plan online. The process was smooth. It's good to see a giant like LIC becoming agile. Attracting the younger generation with ULIPs and digital plans is smart.
The scale is mind-boggling. 14.8 lakh agents? That's a distribution network unlike any other. The fact that its stability is linked to India's financial system (D-SII) shows how crucial it is. A true pillar of the economy.
Respectfully, the transformation needs to be felt on the ground. My claim settlement last year still took too long and involved too much paperwork. Digital front is good, but backend processes need equal focus. Hope they walk the talk.
Bima Sakhis covering over 50% of panchayats is a brilliant, sustainable model. Empowering women agents brings financial awareness to the grassroots. My didi in the village became one and it changed her life. More power to them!
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