Page 44 - Insurance Times March 2017 Sample

“LIC is very much conscious and concerned about compliance and corporate
governance”

Continued from Page 31
How does LIC differentiate from other companies? in LIC is negligible. LIC is very sensitive about mis-selling. In
Ans. The single most important factor for LIC is 'Claim LIC agents are professional by and large and if any case
Settlement'. The claim settlement ratio of LIC is 99.74%. comes to our notice we take action against it immediately.
Timely Claim settlement is a passion for us and we endeavor
that each and every claim is settled. Prompt claim How LIC continues to be the trusted brand irrespective
settlement is the best publicity for LIC. of having so many competitors?
Ans. I think the reason for this trust is customer focus. We are
The penetration in Life Insurance is still far below in India totally focused on claim settlement where we do not tolerate
if compared to Western Countries. Even after 6 decades delays and we have strong tracking system to prevent any
what is the reason we are lagging behind in increasing delay. We are compliant, fair, ethical and possess value along
penetration. with integrity that adds to our good name. We also have a
Ans. If you see the purchasing power parity, one should not very strong Grievance Redressal System as a result, number of
compare India with the western countries where the complaints are coming down with each passing year.
purchasing power and disposable income is huge. Having
said that, I still feel there is appetite for higher ticket size; What are the initiatives that has enabled LIC to perform
people are underinsured or uninsured because of lack of well and also to achieve customer satisfaction.
awareness and reach. The Indian market is expanding, Ans. Under CRM or customer relationship management
evolving, and schemes, such as Pradhan Mantri Jeevan Jyoti initiatives LIC's e-service was launched in early 2016. This was
Bima Yojana are proving to be immensely beneficial for to ensure quick and prompt access to policy records, payment
Indian population. Till now more than 3 crore people have of premium, policy status, loan status, claim status etc., all
been covered by this scheme. Penetration is bound to these information is now accessible through digital platform.
increase due to such Government initiatives. The younger In keeping with the Digital Revolution in India LIC has made
generation has enough disposable income which they can life easy for those who want to transact digitally. The LIC
certainly use to buy insurance products. portal and app help LIC policyholders and customers in more
ways than one. Starting from locating the closest LIC
What is the focus of LIC on health insurance products? centres, branches and offices to making payments or
Ans. We shall be coming out with more innovative and simple calculating premiums, to getting the latest news and
health insurance products soon. updates on policies and news about LIC, it is all now at the
touch of a button. The digital platforms are constantly
Do you have any plans to open up one-man micro office
updated keeping the customers and policyholders worldwide
to increase your reach?
abreast with the latest developments in services and
Ans. We already have mini offices all throughout the country. products of Life Insurance Corporation of India.
We have covered all towns with population of over 10,000
'LIC Help' is a simple SMS based feature where when your
with our presence in radius of 5 Kms.
policy number is sent via SMS, an official will call back to
Misselling of Insurance Products is creating a negative answer your queries. Similarly, “Help Us Serve You Better”
perception of insurance policy in the market. What are was launched in September 2016 where a policyholder
the efforts of LIC to prevent misselling. contact details are captured to ensure continuous contact.
Ans. One big step, which the regulator has introduced, is In addition to all this convenience, one can now make
'cooling off period'. If the customer is not satisfied with the payments to LIC through E-Wallet. Digital payments to LIC
product he can surrender it within 15 days after receipt of through net banking, wallets and debit cards are free of
policy and because it is a regulatory compliance, companies transaction charges. LIC is also working on Online premium
have to pay back to the customer. This is one way of payment through Unified Payment Interface or UPI.
stopping mis-selling.
Continued focus on customer services, use of technology,
Since companies have to reimburse the money, they take reaching out to youth in particular and every segment of
utmost care while selling. The data shows that mis-selling society, will help us to further strengthen our Brand.

44 The Insurance Times, March 2017

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