Siddartha Mohanty, CEO & MD, Life Insurance Corporation
To continue its legacy of agency-led growth, LIC has embarked on an ambitious mission “Jeevan Samarth” that aims on future-proofing its entire ~14 Lakh agent workforce to meet the rapidly evolving needs of customers. The consultant will undertake this agency transformation project by reviewing the existing agency framework of LIC on an end-to-end basis, said S Mohanty, CEO & MD, Life Insurance Corporation
Mumbai: Life Insurance behemoth state owned Life Insurance Corporation has roped in consulting firm A. T. Kearney to revamp its 14 lakh agency force.
To continue its legacy of agency-led growth, LIC has embarked on an ambitious mission “Jeevan Samarth” that aims on future-proofing its entire ~14 Lakh agent workforce to meet the rapidly evolving needs of customers. The consultant will undertake this agency transformation project by reviewing the existing agency framework of LIC on an end-to-end basis, said S Mohanty, CEO & MD, LIC.
The exercise will also entail revamping the agency operations at the branch, division and zonal level directed towards establishing global best practices in the wake of fast-changing industry and regulatory landscape of the insurance sector in India.
“Through the ‘Jeevan Samarth’ project, we aim to transform our agency ecosystem to align with the rapidly evolving needs of millions of Indian families and providing them suitable long-term savings, protection, health insurance, ULIP and pension solutions,” said Mohanty.
Currently, almost 96 per cent of LIC’s premium is generated by agents and average productivity of an agent is 15 policies.
Highlighting the importance of enabling and empowering the agents, Mohanty said, “This transformation exercise should result into giving our already very committed agents more tools and additional skills thereby making our bond between agents and LIC much more stronger.”
He also called upon the young men and women of India to join hands with LIC by choosing life insurance marketing as a rewarding care r and participate in shaping the future of insurance industry in India.