LIC launches project 'Jeevan Samarth' to meet customers' evolving needs

The Life Insurance Corporation of India (LIC) on Thursday undertook an agency transformation project, 'Jeevan Samarth,' to meet the evolving needs of customers. The life insurance giant has partnered with A T Kearney to undertake the transformation project by reviewing the existing agency framework of LIC on an end-to-end basis. Speaking on this occasion, Siddhartha Mohanty, CEO and managing director, LIC, said, “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 provide them with suitable long-term savings, protection, health insurance, ULIP, and pension solutions.”The transformation also entails revamping the agency operations at branch, division, and zonal levels, directed towards establishing global best practices in the wake of the fast-changing industry and regulatory landscape of the insurance sector in India. Mohanty added that the transformation exercise should result in giving agents more tools and additional skills, which will aid in strengthening the bond between the agents and customers.