LIC improves customer service, online portal to attract millenials

With the aim of harnessing more millenials, LIC has improved its customer service experience and upgraded its online services.
As a result of that, as of October 31, of about 10 million policies sold by LIC in 2019-20 (FY20), 2.2 million were to people aged between 18 years and 25 years, 2 million to people aged between 25 years and 30 years, and 1.7 million to people aged between 30 years and 35 years.
LIC has increased its market share in new business premiums and number of policies sold. In March this year, LIC had a market share of 66.24% in first-year premium income (FYPI) and a little over 74% in the number of life insurance policies sold.
As of November, LIC expanded its market share in FYPI to 71% and in the number of policies sold to 76.28%. For the number of policies sold in November, LIC had a market share of 84 per cent and in FYPI its share was 72%.
“From June, we started working on the number of policies. We believe that once the number goes up, the volume will also pick up. And, the volume will drive us towards better premium,” said T C Suseel Kumar, managing director, LIC.
As per LIC, “The synergic effect of customer centricity, diversified product portfolio, and a committed field force is the reason for such a robust performance.”