LIC is planning to open an office in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC) to further its overseas business. The company’s presence in GIFT City will enable it to expand its global business and strengthen its operations in 14 countries.
LIC Chairman Siddhartha Mohanty said that the company is going to open its branch in GIFT City very soon, possibly during the current financial year. He said that this will enhance the company’s foreign operations.
LIC directly operates through its branch offices in Fiji, Mauritius, and the United Kingdom. It also has subsidiaries in Bahrain, Nepal, Sri Lanka, and Bangladesh. Additionally, it has a wholly-owned subsidiary in Singapore.
Mohanty said that LIC’s goal is to consolidate and strengthen its foreign operations so that they generate greater returns for the company.
LIC Exploring Fintech Unit
LIC is also exploring the possibility of setting up a fintech unit as part of its digital transformation exercise. The company has initiated a total digital transformation project called DIVE (Digital Innovation and Value Enhancement) and has appointed a consultant to steer the project.
Mohanty said that the objective of DIVE is to get best-in-class digital initiatives for all of LIC’s stakeholders, including customers, intermediaries, marketing people, and everyone else.
In the first phase of DIVE, LIC will transform its customer acquisition process. Customer acquisition is currently done through three modes: agent, bancassurance, and direct sale. LIC gets most of its new customers through its agents.
Subsequently, other areas will see the transformation, including claims settlement, loans, and other services. These services will be made available at the click of a button, so that customers will not need to come to the office.
Mohanty said that LIC is also focusing on fintech and will harness its potential in expanding business. The company is exploring options of having its own fintech arm that can be developed as a business model.
This is a positive development for LIC and will help the company to expand its global business and reach new customers.
