How Has LIC Evolved into a Tech-Driven, Efficient Leader?
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Synopsis
Discover how the Secretary of the DFS, M. Nagaraju, reveals LIC's remarkable evolution into a tech-savvy financial leader. With a focus on digital transformation, innovative products, and empowering women agents, LIC aims to achieve 'insurance for all' in India. This article delves into the strategies driving LIC's success and its commitment to customer-centricity.
Key Takeaways
- LIC has transformed into a tech-driven insurer.
- Focus on capital efficiency for sustainable growth.
- Strong emphasis on digital marketing and a mobile-first approach.
- Empowerment of women through the Bima Sakhis program.
- Targeted products for younger demographics to expand customer base.
Mumbai, Jan 17 (NationPress) - The Secretary of the Department of Financial Services (DFS), M. Nagaraju, remarked on Saturday that LIC has evolved into a tech-driven and capital-efficient financial leader, retaining its status as one of the most trusted names in Indian households.
During LIC’s Strategy Meet, the Secretary emphasized the company's significant transformation from a traditional, brick-and-mortar insurer to a digitally-focused, value-oriented organization.
“LIC has successfully transitioned into a tech-enabled and capital-efficient leader, continuing to be the most reliable brand among Indian households,” Nagaraju noted.
He stressed the importance of a mobile-first strategy and the ongoing adoption of digital marketing to achieve the national aim of ‘insurance for all’.
The DFS Secretary pointed out that LIC is not just another insurer but a Domestic Systemically Important Insurer (D-SII), a designation by the IRDAI that signifies a significant responsibility, given that LIC's stability is interlinked with the overall stability of India’s financial ecosystem.
In his address, the Secretary elaborated on LIC’s strategic pivot towards high-growth non-participating products.
“Through agile innovation, LIC is appealing to younger demographics with customizable ULIPs and ‘return of premium’ plans, in addition to products like Yuva Term, Digi Term, and Index Plus,” he stated.
The Secretary also highlighted LIC’s robust distribution capabilities, labeling its vast agency network as its greatest asset.
As part of the Jeevan Samarth initiative, the agency force has grown to over 1.48 million agents, with a specific focus on the 18–40 age demographic.
The introduction of Bima Sakhis, female career agents, has seen remarkable success, with over 290,000 Bima Sakhis securing more than 1.4 million policies and covering over 50% of panchayats.
He expressed optimism that by the following year, all panchayats would be served by Bima Sakhis, further empowering women within the insurance sector.
Point of View
It is evident that LIC's transition into a tech-driven organization is crucial for its sustainability and relevance in today's digital era. The emphasis on empowering women and targeting younger demographics positions LIC strongly in the evolving insurance market, ensuring it remains a cornerstone of India's financial ecosystem.
NationPress
17/01/2026
Frequently Asked Questions
What does LIC stand for?
LIC stands for Life Insurance Corporation of India, which is the largest life insurance company in India.
What is a Domestic Systemically Important Insurer?
A Domestic Systemically Important Insurer (D-SII) is an insurer whose failure could have significant repercussions on the financial system and economy.
What is the Jeevan Samarth initiative?
The Jeevan Samarth initiative aims to expand LIC's agency force and focus on reaching younger customers, particularly in rural areas.
How many agents does LIC currently have?
LIC has expanded its agency force to over 1.48 million agents.
What is the purpose of Bima Sakhis?
Bima Sakhis are women career agents designed to empower women in the insurance sector and enhance outreach in rural areas.
