Life Insurance Corporation (LIC) is set to establish a new branch in the GIFT International Financial Services Centre in Gandhinagar, Gujarat, during the current fiscal year. The move is part of LIC’s strategy to bolster its overseas business, allowing the corporation to extend its global footprint. LIC Chairman Siddhartha Mohanty shared insights in an interview, affirming the upcoming branch opening in GIFT City and expressing optimism about enhancing foreign operations.
LIC’s international presence currently spans 14 countries through branch offices, subsidiaries, and joint ventures. Mohanty highlighted the Corporation’s direct operations in Fiji, Mauritius, and the United Kingdom, along with subsidiaries in Bahrain, Nepal, Lanka, and Bangladesh. Additionally, LIC owns a wholly-owned foreign subsidiary, Life Insurance Corporation (Singapore) Pte Ltd.
Discussing future plans, Mohanty emphasized the consolidation and strengthening of foreign operations to yield greater returns for LIC. As part of its digital transformation initiative, LIC is contemplating the establishment of a fintech unit. The Corporation has initiated the Digital Innovation and Value Enhancement (DIVE) project, aiming to deliver best-in-class digital solutions for stakeholders, including customers, intermediaries, and marketing personnel.
In the initial phase of the DIVE project, customer acquisition processes will undergo transformation, focusing on agent, bancassurance, and direct sales channels. Mohanty highlighted the intention to make services such as claims settlement and loans easily accessible with a click, eliminating the need for customers to visit physical offices. He underscored LIC’s commitment to leveraging fintech’s potential to expand business operations.
Furthermore, LIC is exploring the possibility of establishing its own fintech arm as a distinct business model. The corporation’s proactive approach towards digital innovation and global expansion reflects its commitment to staying at the forefront of the evolving insurance landscape.
