LIC Contemplates Fintech Unit Amid Digital Transformation

Life Insurance Corporation (LIC) is contemplating the establishment of a fintech unit as part of its extensive digital overhaul, known as DIVE (Digital Innovation and Value Enhancement). Chairman Siddhartha Mohanty emphasized the goal of implementing top-notch digital initiatives for various stakeholders, with an initial focus on transforming customer acquisition. LIC aims to streamline services like claims settlement and loans, making them easily accessible through digital channels. The company is eyeing the potential of fintech to expand its business, considering changes in customer behavior.

LIC is exploring the idea of creating its own fintech division as a potential business model, although detailed information remains premature. The incorporation of three fintech companies as corporate agents underscores LIC’s commitment to enhancing product distribution. With plans to introduce 3-4 new products this financial year, LIC aims for substantial growth in new business premiums. The forthcoming product, scheduled for release in December, guarantees policyholders a lifelong return of 10% of the sum assured after maturity, offering a disruptive solution addressing consumers’ payment concerns and providing additional features like a loan facility and premature withdrawal.



Fintech Watch is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest fintech insights!” Click here!