LIC mulling over floating fintech unit
Appoints a consultant to steer Digital Innovation and Value Enhancement (DIVE) project; Added 3 fintech cos as corporate agents for product distribution
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Growth Transformation
- LIC plans digital initiatives for all stakeholders
- Services like claims settlement and loan will be made available online
- The insurer has lined up 3-4 new product launches
- Premature withdrawal would be a feature of new products
New Delhi: As part of its digital transformation exercise, insurance behemoth Life Insurance Corporation (LIC) 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, LIC Chairman Siddhartha Mohanty told in an interview. “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.
