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LIC sees strong demand for reliable and comprehensive insurance products
Indian insurance giant aims to further consolidate its presence in the GCC by introducing more innovative products, expanding our digital capabilities, and enhancing customer service
Siddhartha Mohanty, Chairperson, Life Insurance Corporation of India.
Life Insurance Corporation of India has seen significant growth in its customer base across the UAE as the company tailored its products offerings to meet the unique needs of the large expatriate Indian community and other nationalities in the region, its top official says.
Siddhartha Mohanty, Chairperson, Life Insurance Corporation of India, said there is a strong demand for reliable and comprehensive insurance products in the region and LIC International, a largely-owned by LIC of India, has successfully catered to this demand.
“By serving the expatriate community effectively, we not only meet their financial needs but also reinforce the trust and reliability that LIC of India is known for worldwide. LIC’s successful operations in the Gulf and UAE enhance our brand recognition and trust on a global scale,” Mohanty told Khaleej Times during an interview.
Life Insurance Corporation of India, popularly known as LIC is Indian state-owned insurance group and investment company headquartered in Mumbai. Since its inception in 1956, it continues to set benchmarks in the insurance industry through its innovative approaches, customer-centric strategies, and commitment to societal welfare.
Excerpts from the interview:
What are the highlights of LIC of India’s recent achievements?
Over the past year, LIC has made significant strides in several areas, reinforcing its position as a leading financial services provider in the country. As per Brand Finance Insurance 2024 report, LIC of India is the world's number one strongest insurance brand. Embracing digital transformation has been a major focus. We have launched several new digital initiatives to enhance customer experience, which provides our policyholders with seamless access to their policy information and various services, making insurance management more convenient and user-friendly.
What is the way forward for LIC?
LIC of India is at a pivotal juncture, poised to build on its rich legacy while embracing future opportunities and challenges. The way forward for LIC of India involves a balanced approach of embracing technological advancements, innovating our product offerings, expanding our reach, and maintaining our commitment to sustainability and customer satisfaction. Continuing our journey of digital innovation is paramount. We are committed to developing new and innovative insurance products that cater to the evolving needs of our diverse customer base. Increasing insurance penetration, especially in rural and semi-urban areas, is a key priority. Exploring opportunities for international expansion is part of our long-term strategy. By establishing a global presence, we aim to diversify our portfolio and tap into new markets, leveraging our expertise and reputation to serve customers beyond India.
How is LIC International faring in GCC in general and the UAE in particular?
LIC International has indeed been serving the GCC countries for over three decades. Our performance in this region, particularly in the UAE, has been notable and continues to grow stronger. We have tailored our products offerings to meet the unique needs of the large expatriate Indian community and other nationalities in the region. The UAE, in particular, has seen significant growth in our customer base. With a large expatriate population, there is a strong demand for reliable and comprehensive insurance products. LIC International has successfully catered to this demand, resulting in steady growth in the number of policyholders and premium collections. In the UAE, we have launched several innovative products and services to enhance customer convenience. Today also, we have launched two new attractive products helping customers in their wealth creation Journey. Looking ahead, LIC International aims to further consolidate its presence in the GCC by introducing more innovative products, expanding our digital capabilities, and enhancing customer service.
LIC International is known for conventional and guaranteed return plans. Any paradigm shift in the offing in the product offerings?
While LIC International has built a strong reputation for its conventional and guaranteed return plans, we recognize the need to adapt and innovate to meet the changing needs and preferences of our customers. Over the past few years, we have indeed undertaken a paradigm shift in our product offerings, introducing a range of new and diversified insurance solutions. To cater to customers seeking both insurance protection and investment growth, we have introduced Unit-Linked Insurance Plans (ULIPs) with Global Funds Exposure. These plans offer the dual benefit of life insurance coverage and investment opportunities in various globally diversified funds in the US dollars. We have introduced Life Protect Term Insurance with Critical Illness Plan at very competitive & affordable premiums to secure the financial obligations. Understanding the aspirations of parents to secure their children's future, we offer specialised Guaranteed Return child education plans. To address the long-term financial security needs of our customers, we have developed innovative retirement and pension plans. Today, I can say we have attractive products at every stage of your life.
Are there any plans to provide individual or group insurance cover for the NRIs with lesser means?
Thank you for bringing up this important topic. At LIC, we recognise the diverse financial needs of the Non-Resident Indian (NRI) community, including those with lesser means. Ensuring that every individual has access to adequate insurance coverage is a key part of our mission. Recognizing the importance of inclusivity, NRIs who may not be able to afford individual insurance plans, we are working on expanding group insurance schemes. These schemes can be offered through community organizations, employers, or NRI associations, allowing members to benefit from reduced premium rates. LIC is dedicated to ensuring that NRIs, regardless of their financial means, have access to essential insurance coverage.
In view of the recent Kuwait fire tragedy, whether LIC can come out with some viable insurance schemes for the lower rung workers?
Thank you for this critical question, which touches on a deeply important issue. The recent Kuwait fire tragedy has highlighted the vulnerability of lower rung workers and underscored the urgent need for adequate insurance coverage for this segment of the population. At LIC, we are committed to addressing these needs and ensuring that even the most vulnerable workers have access to financial protection. We are in the process of developing low-cost insurance plans specifically designed for lower rung workers. These plans will offer essential life coverage at minimal premiums, ensuring affordability while providing crucial financial protection. Our goal is to create a safety net that not only addresses their immediate needs but also contributes to their long-term financial security and peace of mind.
How is LICI navigating the maize of changes happening on the regulatory and corporate fronts in UAE?
Navigating the complex and evolving regulatory and corporate landscape in the UAE is crucial for the sustained success and growth of LIC International. We are committed to adapting to these changes proactively and strategically to ensure compliance and continue delivering value to our policyholder. LIC International prioritizes staying abreast of regulatory changes in the UAE. LIC International is navigating the regulatory and corporate changes in the UAE through a combination of strategic partnerships, digital transformation, robust corporate governance, and proactive risk management. Our commitment to compliance, innovation, and customer satisfaction ensures that we remain a trusted and reliable insurance provider in the UAE, capable of adapting to the dynamic regulatory environment.
What are the innovations or restructuring being planned for LIC’s operations in Gulf?
We recognise the dynamic nature of the insurance industry and the evolving needs of our customers in the Gulf. Enhancement of our digital services to have Operational Efficiency and Streamlining, Customized Product Offerings, Tapping evolving Group Gratuity Market, exploring strategic partnerships with local entities, financial institutions, and distribution channels are Some of the key innovations and restructuring efforts.
What is the significance of LIC’s operations in the Gulf & UAE to LIC of India?
LIC’s operations in the Gulf and UAE are integral to the broader strategy and success of LIC of India. The operations of LIC International in the Gulf countries, particularly in the UAE, hold immense significance for LIC of India. The Gulf region, especially the UAE, is home to a substantial expatriate Indian community. These expatriates often seek reliable financial products to secure their futures and provide for their families. LIC International caters to this demand, offering insurance products tailored to their unique needs.
With LIC setting up Office in the Gift City, are you planning to leverage your marketing activities the Gulf or UAE where altogether 8 million NRIs live & work?
Establishing an office in the GIFT City represents a significant step forward for LIC in our efforts to enhance our international operations and outreach. The Gulf and UAE, home to a substantial NRI population of approximately 8 million, are key markets for us. With the insights and resources available through our GIFT City office, we plan to launch targeted marketing campaigns specifically designed for the NRI population in the Gulf and UAE. Our presence in GIFT City will facilitate the establishment of strategic partnerships and collaborations with financial institutions, brokers, and NRI associations in the Gulf and UAE. These partnerships will help us expand our distribution network and enhance our marketing reach, making it easier for NRIs to access our products.
— muzaffarrizvi@khaleejtimes.com
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