LIC mulls deploying ‘bionic agents’ to boost digital sales

LIC is considering deploying ‘bionic agents’ to support its agency workforce and boost digital sales capabilities.

“A strategy of deploying ‘bionic’ agents by extending tech support in the form of digital tools and analytics to the agency force would surely go a long way in building the core digital sales capabilities and exploring a win-win model where there is a convergence of digital along with the best human qualities of advice and engagement,” MR Kumar, Chairman, said in LIC’s annual report for FY22 .

LIC has a network of 1.3 million agents, a large section of which work in rural areas to ensure a pan India presence across socio-economic segments.

“The increased focus on IT enablers for the field force would aid higher persistency levels and enhanced customer satisfaction,” Kumar said, adding that in FY22 LIC saw a 70 per cent rise in the number of digital transactions.

Over 95 per cent of LIC’s individual business, in terms of premium, is sourced through the agency force and less than 3 per cent through the bancassurance channel, per the report.