Bhubaneswar, Nov 27: State-run insurance giant Life Insurance Corporation of India (LIC) said it has initiated attempt to explore the possibility of setting up a fintech arm in order to provide best time-saving services to its customers and enhance its business. 

LIC Chairman Siddharta Mohanty has also said that the insurance company has appointed a consultant to take up the project and is in discussions with potential partners. 

The fintech arm would help LIC to reach new customers, give best digital-based services to them and develop new products and services as well, Mohanty reportedly said. 

Currently, the LIC adopts three primary modes to bring customers into its fold. They are agent, bancassurance, and direct sale of which agents fetch majority of customers. 

After establishment of fintech arm, customers will not spare their valuable time to come to the office. Sitting at home, they can access LIC’s required services on mobile. Besides, fintech’s potentials will also be utilised for expanding business. 

According to the reports, the LIC has already partnered with three fintech companies this year to aid in product distribution and plans to launch 3-4 additional products within the current financial year i.e. 2023-24.

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