LIC should have innovative campaigns, products for young people: DFS secy

DFS Secretary M Nagaraju urged LIC to strengthen digital capabilities and design products for younger customers to drive insurance adoption and engagement

Department of Financial Services Secretary, M Nagaraju, on Wednesday said that Life Insurance Corporation of India (LIC) should come up with innovative ways of campaigning, to create awareness about insurance and also introduce products that suit needs of the younger generation. 

 

Speaking at the launch of LIC’s new customer app MyLIC and the mobile app for the sales intermediaries Super Sales Saathi, Nagaraju said that in the last 20 years, banks have invested heavily in digital architecture of the financial ecosystem and would like insurance companies to be digitally agile and accountable. 

 

“Unless we are digitally very agile, digitally comfortable, and have a digitally responsive architecture put in place, we will not be able to offer the products the younger generation will be seeking,” Nagaraju added. 

 

 

MyLIC is a next-generation mobile application, built to redefine the experience of how policyholders will manage their life insurance portfolio. While, the Super Sales Saathi app is for LIC’s marketing personnel. These apps have been designed with a user-first philosophy, bringing together intuitive design, powerful features, and cutting-edge technology to deliver a seamless, intelligent, and personalised 360 degree experience.

 

Both apps are delivered through LIC’s DIVE (Digital Innovation & Value Enhancement) digital transformation platform, designed to deliver a seamless, secure, and fully integrated insurance experience for customers, intermediaries, and employees. These apps enable policy management, premium payments, personalised product recommendations, and advanced intermediary productivity tools.

 

DIVE will also include the ANANDA platform. The management of the corporation said that around 2.3 million policies had been completed through the platform completely digitally.

 

“Once these apps are launched, we are expecting it to substantially increase. We are working on what should be the internal targets, but it's too early for me to come up with a target for the next year,” said R. Doraiswamy, chief executive officer and managing director, LIC of India. “But we are looking at expanding digital adoption of new policies and complete digital servicing of policies online at the comfort of the customer as our target. We expect digital onboarding to substantially increase over the last year.”