LIC aims to open up office in GIFT City during this financial year

5 Dec 2023 , 11:48 AM

Life Insurance Corporation (LIC) is proposing to open office in GIFT International Financial Services Centre Gandhinagar (Gujarat) during the current year to further its global business.

The company would be able to grow internationally because to LIC’s presence in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC).

We want to launch our branch in GIFT City shortly. That ought to occur within the current fiscal year. In an interview with PTI, LIC Chairman Siddhartha Mohanty stated, ‘This will enhance our foreign operations.’

According to him, LIC maintains a presence in 14 nations through joint ventures, subsidiaries, and branch offices.

The Corporation conducts direct business through its branch offices in the UK (Watford), Mauritius (Port Louis), and Fiji (Suva and Lautoka).

In addition, it maintains subsidiaries in Bangladesh Life Insurance Corporation (LIC) Ltd., Life Insurance Corporation (International) Bahrain, Life Insurance Corporation (Nepal) Ltd., and Life Insurance Corporation (Lanka) Ltd.

Additionally, it has Life Insurance Corporation (Singapore) Pte Ltd, a totally foreign owned subsidiary.

When asked about the goals for the overseas businesses, Mohanty responded that the goal is to improve and consolidate those activities to increase the return on investment for the Corporation.

A fintech subsidiary is being considered by the insurance titan as part of its digital transformation exercise.

According to him, LIC has hired a consultant to lead the DIVE (Digital Innovation and Value Enhancement) project, which is a comprehensive digital transformation initiative.

‘With project DIVE, we hope to achieve best-in-class digital initiatives for all of our stakeholders, including customers, intermediaries, marketers, and everyone else,’ he stated.

According to him, the client acquisition portion will change in the initial stage.

Three methods are used to acquire customers: direct sales, bancassurance, and agents. The majority of LIC’s new clients come from its agents.

He continued by saying that other areas would then experience the change and that services such as loans and claims settlement would be accessible with a single click.

Clients are not required to visit the office. Using his smartphone, he can access our necessary services while seated at home. We will take use of fintech’s potential to grow our business and are concentrating on it as well,’ he stated.

According to him, LIC is also looking into the possibility of creating a fintech division of its own that may become a business.

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