Lto R- Dinesh Pant, managing director(MD), LIC, R. Doraiswamy, MD and CEO,M Ngaraju, secretary,Department of Financial Services,Ratnakar Patnaik,MD at an event in Mumbai to launch LIC’s Customer App ‘MyLIC’,
Nagaraju suggested the four multiline PSU general insurers, New India Assurance, Oriental Insurance, United India Insurance and National Insurance should also develop apps to move with time in technology adoption and operate in a right eco system.
R. Doraiswamy, managing director and chief executive officer of LIC, said the corporation is reviewing the option of regulatory forbearance before implementing international Financial Reporting Standards (IFRS)
Mumbai:M Nagaraju, secretary, Department of Financial Services,has asked Life Insurance Corporation to monetise its maasive data to its advantage and expand its business.
Nagaraju launched the new LIC’s Customer App (MyLIC) and the mobile App for the sales intermediaries (LIC’s Super Sales Saathi) on Wednesday in Mumbai.
“LIC’s digital ecosystem is evolving from a set of service utilities into a strategic distribution and engagement platform. With over 260 million policies LIC has massive data which is not used to its advantage.Consultants like BCG, E&Y, LTI Mindtree which were involved in designing these apps should advise LIC to monetise data ,’’ he said.
He also suggested the four multiline PSU general insurers, New India Assurance, Oriental Insurance, United India Insurance and National Insurance should also develop apps to move with time in technology adoption and operate in a right eco system.
He commented that banks have made huge investments in equipping themselves digitally and PSU insurers are lagging behind in the matter.
“There is a lot of trust deficit in the insurance industry. The should work by trusting the customers. Banks don’t ask anything to a customer while redeeming his/her fixed deposit. But insurers ask a lot of questions to a policyholder while settling his/her claims.’’ he highlighted.
Nagaraju referred to situation in the Health Insurance industry where all the stake holders –healthcare providers, health insurers and policy holders- are unhappy. There is a trust deficit in the health insurance industry.
The secretary suggested that LIC should launch products for younger generation and run campaign in multiple languages to reach out its customers that will help insurance penetration and close protection gap.
“LIC should continue its innovation, develop and right products, retain human element while expanding its digital footprint and inspire the Indian financial sector,’’ he exhorted adding that the corporation should nurture talents on merit and ensure a good successive planning .
The insurance companies and pension funds are playing an important rolew in the Indian economy as they invest a large funds in developing country’s infrastructure.
“The government wants an inclusive society. For a Vikshit Bharat by 2047, the per capita income of Indians should reach $2000,’’ Nagaraju stressed.
R. Doraiswamy, managing director and chief executive officer, LIC, said,“LIC’s mobile
Apps are no longer support tools, they are strategic assets that shape customer experience and intermediary’s performance. These Apps scale adoption across customers and intermediaries, that will directly influence LIC’s growth, persistency, and operational efficiency. LIC’s continued investment in AI-driven insights, personalization, and ecosystem integrations will unlock the next wave of digital value.
He also revealed the corporation is reviewing the option of regulatory forbearance before implementing international Financial Reporting Standards (IFRS).
A final decision on migrating to the new system will be taken after securing board approval, Doraiswamy said.
The life insurance giant indicated that it has already engaged with the regulator on the matter and is currently evaluating the transition framework available under the regulations.
“IFRS … we will be announcing whatever we are doing. I think we have already given our viewpoint to the regulator. Once our board gives the approval, we will be able to declare,” Doraiswamy said during the launch of MyLIC application here.
The company clarified that any formal announcement on the adoption timeline would follow internal governance processes, including approval from its board.
The official also acknowledged that the regulatory framework allows insurers flexibility during the transition phase and that the company is studying the provision before taking a final call.
The Insurance Regulatory and Development Authority of India (IRDAI) had granted a 12-month forbearance to insurers transitioning to the new Indian Accounting Standards (Ind AS).
Further, Doraiswamy said that the record date for its recently announced bonus share issue will be finalised only after shareholders grant the necessary approvals.
Earlier this week, the company said its board has approved a bonus issuance of equity shares in a 1:1 ratio. The bonus issue will be undertaken by capitalising Rs 6,325 crore from the reserves and surplus available with LIC as of December 31, 2025.