Page 11 - Insurance Times December 2020

LIC of India

LIC launches Atma Nirbhar introduction to completion of a Life Public Asset Management (DIPAM).

Agents New Business Digi- Insurance policy. It has, accordingly, sought bids from
tal Application The launch had generated tremendous firms to work with the life insurer to
enthusiasm among the Marketing Of-
develop IEV, in line with the require-
Life Insurance Corporation of India ficials and Intermediaries of LIC of In- ments of the relevant Acts and regu-
launched its first Digital Application, dia. The first Life Insurance policy un- lations and to provide support during
“ANANDA”, an acronym for Atma der the Paperless Digital application the IPO process.
Nirbhar Agents New Business Digital was issued by the Chairman which was "The Global Actuarial Firm would be
Application, recently. followed by issue of New policies across required to work with the appointed
The Digital application is a tool for the the Zones of the Corporation. Actuaries and Management of LICI to
on boarding process to get the Life Chairman of LIC of India said that mutually agree on an appropriate
Insurance policy through a Paperless ANANDA will mark a new chapter in methodology to be used in the calcu-
module with the help of the Agent / realising the Dreams of its Marketing lations of IEV and determine IEV that
Intermediary. It is built on paperless Intermediaries to use Digital Applica- complies with the requirements of Ac-
KYC process using Aadhaar based e- tions as a Marketing instrument. tuarial Practice Standards and Guid-
authentication of the Life Proposed. The launch was done by M R Kumar, ance Notes," the RFP said.
ANANDA is a first of its kind in the In- Chairman, LIC of India through Video According to the document, the Cen-
dian Life Insurance industry with LIC of Conferencing, in the presence of the tre is looking to sell a minority stake in
India pioneering the process through Managing Directors, T C Suseel Kumar, LIC. The end date for submitting bids
its in-house IT enabled systems. This Mukesh Kumar Gupta, Raj Kumar and is December 8, and a pre-bid meeting
tool has been brought out at the right other Senior Officials of the Corporation. will be held on November 26.
time, to enable and empower the The selected actuarial firm may also
Marketing force of LIC to face the cur- Ministry floats request for be required to interact with different
rent challenges and propel insurance proposal to appoint actu- advisors and stakeholders as well as
selling to a higher level. With social regulators, including IRDAI and SEBI,
distancing being the new normal, pro- arial firm for LIC's IPO specify the 'scope' of the data audit to
spective customers can avail the facil- Central government has floated a re- be performed by the auditor, review
ity of taking a New Life Insurance quest for proposal to appoint an actu- iterations of the final results, and also
Policy in the comfort of their homes/ arial firm to calculate the embedded provide inputs and review relevant sec-
offices without having to meet the value of the life insurance behemoth. tions of the IPO offer.
Agent / Intermediary in person, "In view of the recent announcement Finance Minister Nirmala Sitharaman
thereby throwing a new level of oppor- by the Government of India in the Bud- had outlined plans to list LIC in the
tunity in the purchase of Life Insurance get 2020-21, LIC needs to develop an Union Budget 2020-21, along with a
policy. Indian Embedded Value (IEV) reporting target of Rs. 2.1-lakh crore for pro-
The event was marked with the re- framework and calculate IEV of LIC for ceeds from disinvestment. The timeline
lease of an e-training video for the the necessary disclosures for the pro- for the listing is still unclear. The gov-
Agents, depicting the salient features posed IPO of LIC," said the RFP issued ernment has appointed transactions
of the application and the process from by the Department of Investment and advisors for the IPO.
The Insurance Times, December 2020