Page 11 - Insurance Times December 2020
P. 11

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
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