The Life Insurance Corporation of India (LIC) has initiated a significant agency transformation project in collaboration with strategy consulting firm A. T. Kearney. This strategic move aims to review and enhance LIC’s existing agency framework, with a particular focus on revitalizing operations across branch, division, and zonal levels to incorporate global best practices.
LIC, renowned for its extensive network of approximately 14 lakh agents, disclosed that the project, known as Jeevan Samarth, seeks to modernize its agency ecosystem. This initiative is designed to meet the evolving needs of Indian families by offering comprehensive long-term savings, protection, health insurance, ULIP, and pension solutions.
S. Mohanty, CEO and MD of LIC, expressed optimism about the transformational impact of the project. Mohanty affirmed. He emphasized that strengthening the bond between LIC and its agents remains a pivotal goal of the initiative.
The project underscores LIC’s commitment to maintaining its leadership in the insurance sector by adapting to contemporary market dynamics and customer expectations. The collaboration with A. T. Kearney is expected to bring strategic insights and operational efficiencies to LIC’s agency operations.