LIC plans to set up office in GIFT City

As part of its digital transformation exercise, insurance behemoth is exploring the possibility of setting up a fintech unit, says Siddhartha Mohanty, LIC Chairman

Update: 2023-12-04 07:19 GMT

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New Delhi: Life Insurance Corporation (LIC) is planning to open office in GIFT International Financial Services Centre Gandhinagar (Gujarat) during the current fiscal to further its overseas business. LIC’s presence in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC) will enable the company to expand its global business. “We are going to open our branch very soon in the GIFT City. It should happen during the current financial year itself. This will enhance our foreign operations,” LIC Chairman Siddhartha Mohanty said in an interview. He said LIC has presence in 14 countries through branch offices, subsidiaries and joint ventures. The Corporation directly operates through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and United Kingdom (Watford).

Besides, it has subsidiaries in Life Insurance Corporation (International) Bahrain, Life Insurance Corporation (Nepal) Ltd, Life Insurance Corporation (Lanka) Ltd, Life Insurance Corporation (LIC) of Bangladesh Ltd. It also has a foreign wholly-owned subsidiary -- Life Insurance Corporation (Singapore) Pte Ltd. Asked about the plans with regard to foreign operations, Mohanty said, the idea is to consolidate and strengthen those operations so that they generate greater return for the Corporation. As part of its digital transformation exercise, insurance behemoth 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, he said. “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 the transformation, he said, adding that services like claims settlement, loans and others will be made available at the click of a button. “Customers need not come to the office. Sitting at home on 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. LIC is also exploring options of having its own fintech arm that can be developed as a business model, he added. 

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