LIC Chief Calls for Insurance Tie-Ups with Telecom, E-Commerce, and Fintech to Reach Every Corner of India

On October 22, LIC CEO and MD Siddhartha Mohanty shared an exciting vision for the future of insurance in India. Speaking at a CII event in Mumbai, Mohanty suggested that collaborating with telecom companies, e-commerce platforms, and fintech firms could be the key to bringing insurance to more people, especially in rural and underserved areas.

Mohanty explained, "We are serious about making insurance accessible to all. To do that, we need to rethink how we distribute and market our products." While agents, brokers, and banks have helped, he said, these traditional methods have their limits, especially when trying to reach people in remote areas.

The LIC chief believes the future lies in partnering with non-traditional players like telecom companies, fintechs, and online platforms. "These organizations already reach deep into rural communities. By working with them, we can offer affordable and accessible insurance to people who need it the most," he added.

He emphasized that using digital tools like artificial intelligence, machine learning, and automation will be essential for reaching those in rural areas and low-income groups. "These technologies are transforming the insurance sector, making it easier for customers to access our services," Mohanty said.

Additionally, Mohanty highlighted the need for better retirement solutions so that people can retire with dignity, urging public and private partnerships to help make this a reality.

In short, LIC's new approach aims to take insurance to every corner of India by leveraging the power of technology and partnerships!

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