Life Insurance Corporation (LIC), a stalwart in the insurance industry, is embarking on a transformative journey by considering the establishment of a fintech unit. This strategic move is part of LIC’s broader digital agenda encapsulated in the comprehensive Digital Innovation and Value Enhancement (DIVE) project. In an interview with PTI, LIC Chairman Siddhartha Mohanty unveiled key insights into this groundbreaking initiative.
The DIVE project stands as a testament to LIC’s commitment to staying at the forefront of technological advancements. This ambitious digital transformation venture aims to revolutionize various facets of LIC’s operations, with a particular focus on enhancing customer experiences and value delivery.
Recognizing the complexity and significance of this digital shift, LIC has enlisted the expertise of a consultant to spearhead the DIVE initiative. This strategic partnership underscores LIC’s dedication to ensuring the success of their foray into fintech, leveraging external insights and experience to navigate the evolving landscape effectively.
More About The Acquisition:
Chairman Siddhartha Mohanty highlighted that the initial stage of DIVE would witness a profound transformation in the customer acquisition process. Traditionally, LIC has employed three primary methods for customer acquisition: through agents, bancassurance, and direct sales.
LIC’s reliance on agents has been a cornerstone of its business model. The digital transformation is likely to empower agents with advanced tools and technologies, streamlining their operations and enhancing their ability to serve clients.
LIC’s foray into fintech and the DIVE project’s customer acquisition transformation herald a new era for the insurance giant. The blend of traditional strengths with digital innovation positions LIC to cater to a tech-savvy audience while retaining its established customer base.
LIC’s move towards establishing a fintech unit and the DIVE project exemplify a proactive approach to stay relevant in an ever-evolving financial landscape. As the industry watches closely, LIC’s journey into digital transformation is poised to reshape how insurance is accessed, experienced, and valued by customers.