Life Insurance Company of India (LIC) and Hero Insurance Broking have joined hands to enhance awareness and availability of insurance, especially in the overlooked and neglected markets. They will target semi-urban and rural parts of the country. The two companies are joining their distribution strengths. LIC is considered among the top life insurance distributors in India with over 3,550 customer touchpoints, while Hero Insurance Broking has a vast distribution network of over 2,700 customer service locations.
LIC offers 32 life insurance plans, including endowment, term assurance, pension, health insurance and unit-linked products, among others. It has issued 2.1 crore new insurance covers in the year 2020-21.
The goal of tying up is to ultimately increase the benefits of insurance amongst the uninsured sections and, as a result, improve the financial security and stability of households in India.
Hero Insurance Broking's operations are based on technological advancements and the empowerment of individuals through the use of such advancements. It makes use of technology to interact and deal with clients, as well as to provide services 'phygitally,' i.e., both physically and digitally.
Hero Insurance Broking invests in training on a regular basis to ensure that its point-of-sale personnel are upskilled and knowledgeable about digital goods, procedures, and capabilities. It has developed a specialised digital infrastructure and a large number of point-of-sale personnel to interact with customers. The organization's digital service platforms are multicultural in nature, allowing clients to manage policy purchases, renewals, and claims services with relative simplicity.
In response to this affiliation with LIC, the Executive Director of Hero Enterprise, Shefali Munjal, stated, “LIC’s wide range of plans are designed to meet the dynamic needs of all people, the returns it offers, and its high claim settlement ratio are a reflection of it. Hero’s reach would complement LIC’s, and together we will help build resilience and self-reliance especially in rural communities.”
The CEO and Principal Officer of Hero Insurance Broking, Sanjay Radhakrishnan, added, “The partnership with LIC should enable us to take insurance products to people who have not had the awareness and the opportunity to get insurance coverage and help them make a well-informed decision.”
Recently, LIC got a nod from the Reserve Bank of India to enlarge stake in Indusind Bank.
