LIC plans to increase agent strength by 40%, ramp up HR systems

The Life Insurance Corporation (LIC) of India is targeting to increase its agent strength by 40 per cent as it looks to generate more business by leveraging its strong agency channel.

India’s largest insurer is also looking to revamp its human resources systems in its drive to make the oldest insurance company more technologically advanced, said people aware of the development.

LIC relies most on its individual agents to procure individual new business premium. It had 1.33 million individual agents as on December 31, 2021, which accounted for 55 per cent of the total agent network in the country and