Life Insurance Corporation of India (LIC), a household name in insurance, is set to revolutionize its services with a significant digital shift. Starting January 2024, LIC will launch its new fintech arm, DIVE – Digital Innovation and Value Enhancement. This move aligns with the global trend of digitalization and positions LIC as a forward-thinking player in the insurance sector.
What is DIVE?
DIVE represents a comprehensive digital overhaul for LIC. It aims to streamline and digitize all customer-related operations, enhancing the overall user experience. This initiative is not just for customers but extends to stakeholders and intermediaries, ensuring a cohesive digital ecosystem.
To achieve this digital transformation, LIC has partnered with Kellton, a leader in Digital Transformation services. Kellton’s expertise will be pivotal in implementing advanced HR technologies across LIC’s vast network of over 4,000 locations.
Impact and Benefits
- Enhanced Services: The digital transformation will modernize LIC’s services, making them more accessible and efficient. This includes claims settlement, premium payments, policy updates, and more, all available online.
- Investor Appeal: Digitization is expected to unlock LIC’s potential, making it more attractive to investors, including those from abroad.
- Efficiency Boost: With DIVE, around 95% of LIC’s operations are anticipated to go digital, significantly increasing operational efficiency.
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Future Plans and Customer Focus
- Phase One – Customer Acquisition: The initial focus will be on transforming the customer acquisition process, which currently operates through agents, bancassurance, and direct sales.
- Ease of Access: Customers will enjoy the convenience of accessing services from home, using just their mobile devices.
- Exploring Fintech Opportunities: LIC is also considering the development of its fintech arm as a separate business model.
LIC’s Ongoing Digital Services? Even now, LIC offers various online services like claims settlement and premium payment. The introduction of DIVE is set to expand and enhance these digital offerings.
Chairman’s Vision LIC Chairman Siddhartha Mohanty emphasizes the goal of bringing top-class digital initiatives to all stakeholders. He highlights the focus on fintech to expand business and improve service accessibility for customers.
LIC’s Fintech Integration
- Adding Fintech Partners: LIC has already onboarded three fintech companies as corporate agents this year, indicating its commitment to digital integration.
- New Product Launches: To further boost its business, LIC plans to introduce 3-4 new products aimed at double-digit growth in new business premiums.
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