Life Insurance Corporation of India is focusing on digital transformation and product mix to ensure better returns for its stakeholders. ET Now has learnt from government sources that LIC will be rejuvenated as LIC 2.0 with focus on technology for all new services
Government wants LIC to rejuvenate and transform its services with digital focuss as targets for transformation includes designing new products by adopting digital technologies. The life insurer will soon come up with YONO like super App for all new services
LIC is working on a project for total digital transformation; all operation will be carried in digital mode, customer on boarding through digital mode will go live from January 2024
Government believes that with 60% market share with over 25 crore policy holders, huge agent network and sovereign guarantee it has huge potential and strength to grow. LIC’s valuation of Rs 4 lakh crore is far too low from its actual potential and going ahead LIC will disclose its assets and potential regularly through road shows and interactions with Investors. Government believes that reinvented LIC will show a much higher valuation
The life insurer is also making strategic shift towards high-margin products under non-par segments. LIC still accounts for 63% of new business premiums as of March 2023, despite tough competition with private sector.
Govt has clarified earlier that there is no plan of an FPO for LIC & LIC has not replied back to ET Now's mail on the issue.
#lic #licfpo #licfpi
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