Life Insurance Corporation of India (LIC) has launched a new digital transformation project called Digital Innovation and Value Enhancement (DIVE).

This was revealed by LIC chairman Siddhartha Mohanty in an interview with Press Trust of India (PTI), LiveMint reported.

A consultant has also been appointed by LIC to lead the DIVE project.

Mohanty said: “Our objective is to get best-in-class digital initiatives for all our stakeholders, customers, intermediaries, marketing people and everybody through the project DIVE.”

In the initial stage of this project, LIC will work to gradually transform its customer acquisition process via agents, bancassurance and direct sales.

LIC predominantly relies on its agents to build clientele.

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This stage will be followed by the digital transformation of LIC’s other domains and services including claims settlement, loans and other key offerings, to ensure easy access for clients.

Apart from these digital transformation initiatives, the state-owned insurance company is also exploring the possibility of setting up its own separate fintech unit as a potential business model.

However, LIC officials did not provide additional details about this unit, saying it is “too early to discuss”.

Mohanty added: “Customers need not come to the office. Sitting at home through his mobile he can access our required services… we are focusing on fintech as well and will harness its potential in expanding business.”

In the current year, LIC has so far enlisted three fintech companies as its corporate agents to support the distribution of its products.

Moving forward, the insurer is further planning to launch three to four new product offerings to push double-digit growth in new business premiums.

As the first step of this strategic plan, LIC is expected to roll out a new product in the first week of December.

Mohanty stated that this product will provide assurance of returns, securing policyholders with up to 10% of the sum assured lifelong, post-maturity.