LIC inks pact with Hero Insurance Broking
Mumbai: The insurance behemoth LIC, Life Insurance Corporation of India, which is currently in an IPO mode, has joined hands with and Hero Insurance Broking to enhance awareness and availability of insurance. The partnership will seek out the untapped and the underserved especially in the semi-urban and rural markets, with the aim of enhancing insurance penetration and thereby financial security of households in India. LIC is considered among the top life insurance distributors of the country with over 3,550 customer touch points while Hero Insurance Broking is one of the largest insurance brokers with a vast distribution network of over 2,700 customer service locations thereby creating an all-encompassing web of reach. These two powerhouses would be leveraging their strengths, making this a formidable partnership, that will drive financial literacy and availability of insurance solutions to every nook and cranny of the country.
Hero Insurance Broking is a part of the Hero Enterprise group of companies. The organization holds over 2,700 customer servicing locations across India. This would complement LIC's over 3,550 customer touch points (2,048 branches, 113 divisional offices, 8 zonal offices, 1,381 satellite offices and the corporate office). Hero Insurance Broking's operations are built around technology innovations and enablement of people with those innovations. It has built customized digital infrastructure and vast number of point-of-sale persons for human contact with customers, provides customers with unmatched counsel and freedom to choose.
Speaking on the partnership, Shefali Munjal, Executive Director, Hero Enterprise said, "LIC and Hero are among the most trusted brands of India. For LIC and Hero both, service to each Indian and the insurance needs of the nation has been the paramount objective. LIC's wide range of plans are designed to meet the dynamic needs of all people, the returns it offers, and its high claim settlement ratio are a reflection of it. Hero's reach would complement LIC's, and together we will help build resilience and self-reliance especially in rural communities."
Sanjay Radhakrishnan, CEO & Principal Officer, Hero Insurance Broking added, "We're ecstatic about the tie-up with one of the leading life insurers of the country. As a broking entity our objective is not just to offer a bouquet of insurance covers to choose from, but to provide people guidance on the best suited plan to financially secure their
goals. The partnership with LIC should enable us to take insurance products to people who have not had the awareness and the opportunity to get insurance coverage and help them make a well-informed decision."
LIC offers a wide range of 32 life insurance plans, to address varying needs of individuals at different life stages and with different lifestyles and aspirations. The plans include endowment, term assurance, pension, health insurance and unit linked products, among others. LIC has successfully issued 2.1 crore new insurance covers in the year 2020-21.
Hero Insurance Broking takes further over six decades of trust, across generations, in the Hero brand. It leverages technology to engage and transact with, and service customers in the true sense of 'phygital', which means both physically and digitally. Hero Insurance Broking makes regular investments in trainings to enable the point-of-sale persons to upskill and learn digital products, processes and skills.
The digital service platforms provided by the organization are multilingual in nature, allowing its various stakeholders to manage policy buying, renewal and claims services with ease.