Life Insurance Corporation of India (LIC) has joined forces with global strategy consulting firm A.T. Kearney to embark on a comprehensive agency transformation project aimed at keeping the corporation ahead of industry trends and regulatory changes.
Key Partnership Details:
The initiative will encompass a thorough evaluation of LIC’s current agency framework, focusing on restructuring operations at the branch, division, and zonal levels to implement global best practices. This move comes in response to the rapidly changing insurance industry and regulatory landscape in India, as highlighted in LIC’s official statement.
Project “Jeevan Samarth”:
Termed as “Jeevan Samarth,” the project is designed to “future-proof” LIC’s 1.4 million agent workforce, enabling them to better cater to the evolving needs of customers.
Transformation Goals:
LIC’s CEO & MD S Mohanty expressed that the “Jeevan Samarth” project aims to realign the agency ecosystem with the evolving needs of millions of Indian families. The objective is to provide suitable long-term savings, protection, health insurance, ULIP, and pension solutions.
Empowering Agents:
Mohanty emphasized that the transformation exercise seeks to equip LIC’s dedicated agents with additional tools and skills to enhance their capabilities.
Encouraging New Talent:
In addition to empowering existing agents, Mohanty encouraged young individuals in India to consider joining LIC as life insurance marketers. He highlighted the rewarding nature of the career and the opportunity to shape the future of the insurance industry in India.