Life Insurance Corporation (LIC) has unveiled two innovative mobile applications, MyLIC for policyholders and Super Sales Saathi for its sales force, marking a significant stride in its digital transformation journey to cater to modern customer needs and enhance service delivery.
Key Points
- LIC has launched MyLIC, a customer app for policyholders, and Super Sales Saathi, a mobile app for sales intermediaries, to enhance digital services.
- Department of Financial Services Secretary M Nagaraju urged LIC to innovate in campaigning and introduce products tailored for the younger generation.
- The new apps are part of LIC's DIVE (Digital Innovation & Value Enhancement) platform, designed for a seamless, secure, and integrated insurance experience.
- Features include policy management, premium payments, personalised product recommendations, and advanced intermediary productivity tools.
- LIC aims to substantially increase digital adoption of new policies and complete digital servicing, building on 2.3 million policies already completed digitally via the ANANDA platform.
Department of Financial Services Secretary M Nagaraju on Wednesday said that Life Insurance Corporation (LIC) should come up with innovative ways of campaigning, to create awareness about insurance and also introduce products that suit needs of the younger generation.
Speaking at the launch of LIC's new customer app MyLIC and the mobile app for the sales intermediaries Super Sales Saathi, Nagaraju said that in the last 20 years, banks have invested heavily in digital architecture of the financial ecosystem and would like insurance companies to be digitally agile and accountable.
Embracing Digital Agility
"Unless we are digitally very agile, digitally comfortable, and have a digitally responsive architecture put in place, we will not be able to offer the products the younger generation will be seeking," Nagaraju added.
MyLIC is a next-generation mobile application, built to redefine the experience of how policyholders will manage their life insurance portfolio.
While, the Super Sales Saathi app is for LIC's marketing personnel.
These apps have been designed with a user-first philosophy, bringing together intuitive design, powerful features, and cutting-edge technology to deliver a seamless, intelligent, and personalised 360 degree experience.
Both apps are delivered through LIC's DIVE (Digital Innovation & Value Enhancement) digital transformation platform, designed to deliver a seamless, secure, and fully integrated insurance experience for customers, intermediaries, and employees.
Future of Digital Insurance
These apps enable policy management, premium payments, personalised product recommendations, and advanced intermediary productivity tools. DIVE will also include the ANANDA platform.
The management of the corporation said that around 2.3 million policies had been completed through the platform completely digitally.
"Once these apps are launched, we are expecting it to substantially increase. We are working on what should be the internal targets, but it's too early for me to come up with a target for the next year," said R. Doraiswamy, chief executive officer and managing director, LIC of India.
"But we are looking at expanding digital adoption of new policies and complete digital servicing of policies online at the comfort of the customer as our target.
"We expect digital onboarding to substantially increase over the last year."
