India: LIC launches agency transformation initiative

| 15 Jul 2024

India's top life insurer, Life Insurance Corporation of India (LIC) has partnered with strategy consultant A T Kearney to undertake an agency transformation project aimed at future-proofing its 1.4m agents to meet the rapidly evolving needs of customers.

The project named Jeevan Samarth, will review the existing agency framework of LIC on an end-to-end basis and will entail revamping the agency operations at the branch, division and zonal level and is directed towards establishing global best practices in the midst of the fast-changing industry and regulatory landscape of the insurance sector in India.

LIC CEO & managing director Siddhartha Mohanty said: “Through the Jeevan Samarth project, we aim to transform our agency ecosystem to align with the rapidly evolving needs of millions of Indian families and providing them suitable long-term savings, protection, health insurance, ULIP and pension solutions.”

Mr Mohanty believes that this transformation exercise will provide the company’s committed agents more tools and additional skills, thereby strengthening the bond between agents and the company.