Why in news?
Life Insurance Corporation of India (LIC) has unveiled two mobile applications – MyLIC for policyholders and Sales Saathi for its agents. Launched under LIC’s Digital Innovation and Value Enhancement (DIVE) initiative, the apps aim to simplify policy servicing, payments and sales support. The announcement reflects LIC’s push to offer digital solutions to its more than forty crore customers and vast agent network.
Background
LIC is India’s largest life insurer, established in 1956 and owned by the government. Over the decades it has built a huge base of policyholders and a network of more than 13.5 lakh agents. As customer expectations shift toward online services, LIC has embarked on a digital transformation programme called DIVE. This platform integrates various digital projects to provide seamless customer experience and equip agents with better tools.
Key features of the MyLIC app
- Single‑window access: The app allows customers to view their entire insurance portfolio, including traditional policies, ULIP plans and micro‑insurance.
- Payments and servicing: Policyholders can pay premiums, check due dates, update contact details, download premium receipts, request change of address and nominate beneficiaries. There is also an option to apply for policy loans and track claim status.
- Digitised documents: Customers can access e‑bonds (digital policy bonds), premium statements and other documents directly in the app, reducing paper usage.
- Customer support: A chatbot and toll‑free number are integrated to resolve queries, and notifications alert users about upcoming due dates or new product offerings.
Key features of the Sales Saathi app
- End‑to‑end sales support: Agents can generate premium quotations, illustrate product benefits and instantly share proposals with prospective clients. The app also helps them complete KYC formalities and collect digital signatures.
- Lead management: Built‑in tools help agents capture leads, schedule follow‑ups and monitor client status. Alerts remind them of renewals and pending documents.
- Training materials: Modules on regulatory guidelines, product features and sales techniques are available on the app, enabling continuous learning.
- Performance tracking: The app provides dashboards for agents to monitor commissions, business volumes and incentive targets.
Significance
- Convenience for policyholders: Digital self‑service reduces the need to visit branches and cuts paperwork, making insurance interactions faster and more transparent.
- Empowering intermediaries: With Sales Saathi, LIC’s agents can respond quickly to customer queries, deliver quotes on the spot and focus on customer engagement rather than administrative tasks.
- Strengthening market position: By embracing digital platforms, LIC aims to remain competitive against private insurers and appeal to younger, tech‑savvy customers.
Conclusion
The launch of MyLIC and Sales Saathi marks an important step in LIC’s digital journey. By bringing together policy servicing, payments and sales support on mobile platforms, the corporation seeks to enhance customer satisfaction and equip its agents with modern tools.
Source: Press Information Bureau; ET BFSI
