Part of DIVE, LIC to set up Fintech Arm

Insurance giant Life Insurance Corporation of India (LIC) is exploring the chance of setting up its fintech arm as a component of a potential plan of action, albeit explicit insights regarding the drive are yet to be finalised.

The state-run insurer has appointed a consultant to steer the venture and is in conversations with potential partners. The fintech arm would assist LIC with arriving at new clients, working on its operational effectiveness, and developing new products and services.

LIC chairman Siddhartha Mohanty told PTI in a meeting, “Our goal is to get top-tier advanced drives for every one of our stakeholders, customers, intermediaries, marketing people and everybody through the project DIVE.”

LIC uses three essential modes for client obtaining: agents, bancassurance, and direct deals, with most of the new clients earned through agents. The organization is set to digitise claims settlement, advances and different administrations, making more noteworthy productivity and accommodation for clients.

“Clients need not come to the workplace. Sitting at home on his portable he can get to our expected services…We are focussing on fintech also and will outfit its true capacity in extending business,” he said.

With this computerized thrust, LIC is likewise considering making its fintech branch to reinforce its business model.

The firm has already cooperated and partnered with three fintech organizations this year to support product distribution and plans to send off 3-4 extra items inside the ongoing monetary year, he revealed.

LIC is equipped to bring another product to the market in the principal seven-day stretch of December, promising ensured returns, said Mohanty. He trusts that it will create a huge footing on the lookout. He further revealed that the feature-loaded item will give guaranteed returns and deep-rooted benefits of 10 per cent of the total guaranteed post-maturity.

The transparency of the policy, giving clear data information about the premium payments and returns over a range of 20 to 25 years, is expected to be a unique game changer.

An additional benefit of this product will be the arrangement for loan facilities and premature withdrawal options. The executive chairman strongly accepts and believes that this guaranteed return product will be a significant advantage to the two policyholders and shareholder investors.