Life Insurance Corporation of India (LIC) is one of the oldest Insurance company in India. Ever since it’s foundation on 1st September 1956 it has come a long way. LIC got a net worth of Rs. 29 lakh crores and almost 300 million policies. In spite of the arrival of so many private players, LIC is able to sustain its trust among people. With claim settlement ratio of 98 %, LIC is capturing largest share in the market. It got almost 5,000 offices, managing lakhs of employees and millions of agents. It has been evolving at a great pace. On its 62nd anniversary, LIC has a vision of setting a huge milestone for its expansion. It plans to use all the latest technological tools to ace the race.
LIC has always been on a hiring spree. It proposes to recruit around 50,000 fresh agents this year in the eastern zone of India. Hiring will happen from Bengal, North-East & Andaman & Nicobar. Eastern zone already got around 1.4 lakh of agents. To manage the attrition, LIC is planning to hire more agents. Last year LIC hired almost 15,000 agents in the same area. Execution of hiring plans every year assists in LIC growth. More agents help in the growth of LIC. With more and more insurance players added to the insurance industry, LIC must scale up its game. Best competitive edge it can have is to build a stronger team of agents. LIC is still the most popular Insurance company. To sustain it’s leading position it has to come up with an innovative strategy. LIC is planning to take several initiatives to expand every year. Best time to announce it was on the eve of its birthday i.e. 1st September.
Lic is one of the first India Insurance company to establish it’s IT data warehouse. With millions of policies, LIC got tons of data. Sarita Garg, LIC CIO, laid emphasis on digitalization in her recent conference. She talked about faster claim processing with the digital move. As per her for managing huge daily transactions, digitalization is a must. Existing LIC policyholders are already using mobiles and laptops to access their policies. To make the process even faster the entire data must be available online. Many banks and Insurance companies have already gone digital. This will not only save time but operational costs too. Faster settlement of claims is another motive for going digital. Along with digitalization, confidentiality of data is another prerequisite according to Garg. She also highlighted the importance of automation along with security. Sarita sums up, by announcing the launch of LIC digital wave with reliability. As per her, digitalization is must with equal emphasis on the secrecy of data of customers.
Wishing LIC all the very best to meet it’s anticipated goals.