LIC Chairman emphasises on deployment of bionic agency force
The future is going to see the convergence of physical and digital worlds and the coming decade will be full of promises and bright opportunities, says LIC Chairman, MR Kumar
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Pune: LIC Chairman, MR Kumar has emphasised on the need for deploying Bionic agency force, who can be seamlessly embedded in the existing distribution channel. Also, he said that the future is going to see the convergence of physical and digital worlds and the coming decade will be full of promises and bright opportunities.
"India has one of the largest young population in the world and they are the most informed and valued generations of all time, who takes their own financial decisions. Our urban population is also rising, which means a rise in income and higher consumption. These changes are transforming the insurance industry and the life insurance industry must surely look at this as a very good opportunity," said Kumar, who is also the chairman of National Insurance Academy governing board in his keynote address. He was speaking at 23rd annual CD Deshmukh Memorial seminar today.
Kumar focussed on the need for adoption of technology by the Insurers to provide frictionless journey to their customers. He said that the Future is going to see the convergence of physical and digital worlds and the coming decade will be full of promises and bright opportunities.
K Ganesh, Member (Life), IRDAI, in his special address underlined the importance of the regulatory aspects that contribute to the development of the Insurance Sector, by the end of the decade, to cross the world average. The message from the pandemic is that there are challenges and opportunities for us.
He further said that the customers would equate insurance to investment and the consequences. The Pandemic has brought home what insurance is and why it is necessary. The Insurance industry was subjected to a test of resilience. Learning unlearning and relearning on a daily basis. The pandemic is yet to come to a halt and it will impact people at large. The pandemic has changed the peoples' perspective of Life insurance from 'savings oriented' to 'protection oriented'. Importance of insurance is understood and it's easier now to convince people for insurance.
