As part of its digital transformation exercise, LIC is exploring the possibility of setting up a fintech unit.
LIC has initiated a total digital transformation project DIVE (Digital Innovation and Value Enhancement) and appointed a consultant to steer the project, LIC chairman Siddhartha Mohanty told 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 said.
In the first phase, the customer acquisition part is going to be transformed, he said. Customer acquisition is done through three modes–agent, bancassurance and direct sale.
LIC gets most of its new customers through its agents. Subsequently, other areas would see transformation, he said, adding, services like claims settlement, loan and other services will be made available at the click 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 said.
