LIC's New Vision: Transforming Insurance Distribution

Siddhartha Mohanty, LIC's chief, advocates leveraging e-commerce and telecom networks to enhance insurance accessibility nationwide. He highlights the limitations of current distribution methods and advocates for partnerships with non-traditional players. Digital technologies are integral for reaching underserved communities, ensuring affordable coverage and fostering innovation.

Siddhartha Mohanty, the chief executive and managing director of the Life Insurance Corporation (LIC), emphasized the need for innovative distribution channels to make insurance accessible to all corners of India. Speaking at a CII event, Mohanty underscored the limitations of traditional channels such as agents, brokers, and bancassurance in reaching every citizen.

He proposed collaborating with non-traditional players like telecom companies, fintech firms, and e-commerce platforms to enhance outreach, particularly in underserved rural areas. These entities have unique access to remote communities, and partnerships with them could facilitate affordable insurance coverage for everyone.

Mohanty also advocated for incorporating digital technologies, including AI and machine learning, to revolutionize the insurance sector, making it more customer-friendly. He called for regulatory support to ensure these technological innovations are nurtured and scaled effectively to meet the varied needs of over a billion people.

(With inputs from agencies.)