Remaining India’s No. 1 life insurer 70 years since inception and 26 years after the insurance sector was opened to private and foreign players is a remarkable achievement in itself, says R Doraiswamy, CEO and MD, Life Insurance Corporation of India.In a freewheeling interaction with businessline, the LIC Chief emphasises that he wants to transform the corporation into a digitally strong entity, providing financial solutions — spanning protection, annuities, ULIPs and savings — that meet current needs.To deepen its presence in the hinterland, India’s sole public sector life insurer, which at last count had assets under management of about ₹59.39 lakh crore, has initiated efforts to have its representation at the panchayat (village self-government institutions) level.
What are LIC’s most important achievements since coming into being on September 1, 1956?
Standing tall as the No. 1 life insurer in the country after 70 years is, in itself, a great achievement. But the most important achievement has been the enduring trust that LIC has built among Indians.Second, LIC has used that trust to contribute to nation-building and provide financial protection to millions of Indian households. It has transformed life insurance from what was largely considered “an instrument for the elite” into a household financial protection instrument.Third is the unrivalled distribution network that LIC has built. Even after the opening up of the insurance sector, we have continued to build considerable distribution strength and bandwidth.Another important achievement has been the development of a robust technology infrastructure, which provides the backbone for handling such large volumes of business.
