The state-owned insurance giant, Life Insurance Corporation of India, launched ‘ANANDA’ its first digital application for agents. The acronym stands for Atma Nirbhar Agents New Business Digital Application. ‘ANANDA’ is the first of its kind in the Indian life insurance industry.
Life Insurance Corporation, in a statement, said that the digital application is a tool for agents for the onboarding process of LIC policy through a paperless module. The company also added that it is built on Aadhaar-based e-authentication of the life proposed in the application. It has made the KYC process paperless.
Due to pandemic social distancing has become the new normal and digitization is seen in all areas. The digital tool for onboarding policy takers is launched with perfect timing, prospective customers could now use the facility to take a New Life Insurance Policy in the comfort of their homes/offices. The Agent/Intermediary does not need to meet the client in person. The tool will aid the sales and marketing teams to deal with the challenges raised due to COVID-19. During the product launch, an e-training video for agents was also released. The video explains the features of the new application and the process of policymaking.
‘ANAND’ being the first paperless digital application by Life Insurance Corporation will enable the marketing intermediaries to use it as an effective platform for promotion. The Chairman issued the first life insurance policy under the Paperless Digital application, which was followed by the issue of new policies across the Corporation Zones. The application was launched through video conference, by M R Kumar, Chairman, LIC of India along with Managing Directors and other Senior officials of LIC. Some key advantages of the tool are paperless policy purchase, contactless insurance selling, and enables intermediaries to use it for marketing.
LIC issued more than one crore policies during the current year. It had crossed the milestone of issuing 1,01,32,955 new policies by 15 October 2005 and posted a healthy 16.67 percent growth rate over the previous year’s corresponding period. In various aspects of the life insurance business, LIC has reached many milestones and has set unprecedented performance records. As of now, the company has 2048 fully computerized branches and 1381 satellite offices.