Life Insurance Corporation (LIC) of India, which enters its 65th year on September 1, is focussing on improving its online and digital presence to remain customer-centric, improve pricing and create operational efficiencies. “LIC has a strong online presence and has provided a digital platform for new business and servicing operations to both internal and external customers, including channel platforms like banks and other agencies,” it said in a statement. It’s Customer Mobile App has more than 34 lakh users, and it is using various digital platforms for electronic premium payments to provide a seamless experience to customers. PayTM (directly), PhonePe and GooglePay (through BillDesk) are some of the more recent modes that are available to customers for premium payment digitally, it further said. “Renewal premium collection transactions through the digital infrastructure have reached an all-time high of 40.23 per cent,” it added. In 2019-20, LIC registered a growth of 25.17 per cent in new business in terms of the first year premium. Its total first-year premium amounted to Rs. 1.78-lakh-crore at the end of March 31, 2020 capturing 68.74 per cent market share.
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