The Life Insurance Corporation of India (LIC) said it has partnered with global strategy consulting firm A. T. Kearney, which will undertake a transformation project by reviewing the insurer’s existing agency framework on an end-to-end basis.
Under the “Jeevan Samarth” project, LIC aims to future-proof its entire 14 lakh agent workforce to meet the rapidly evolving needs of customers.
The project will also entail revamping the agency operations at the Branch, Division and Zonal level directed towards establishing global best practices in the wake of fast-changing industry and regulatory landscape of the insurance sector in India, LIC said in a statement.
S. Mohanty 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 providing them suitable long-term savings, protection, health insurance, ULIP and pension solutions.
“This transformation exercise should result in giving our already very committed agents more tools and additional skills, thereby making our bond between agents and LIC much more stronger.”