LIC: LIC’s big leap in foreign business, new office to open in Gift City
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Life Insurance Corporation of India (LIC) is planning to open an office at GIFT International Financial Services Center (IFSC) in Gandhinagar during the current financial year to expand its overseas business. LIC’s presence in IFSC located at Gujarat International Finance Tech City (GIFT) will enable the country’s largest insurance company to expand its global business.
LIC Chairman Siddharth Mohanty said that we are going to open our branch in GIFT City very soon. This should happen during the current financial year only. This will increase our foreign operations. He said that LIC has presence in 14 countries through branch offices, subsidiaries and joint ventures.
LIC operates through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and the United Kingdom (Watford). Apart from this, it has subsidiaries like Life Insurance Corporation (International) Bahrain, Life Insurance Corporation (Nepal) Limited, Life Insurance Corporation (Lanka) Limited, Bangladesh Life Insurance Corporation (LIC) Limited.
LIC also has a foreign wholly owned subsidiary – Life Insurance Corporation (Singapore) Pte Ltd. When asked about plans for overseas operations, Siddharth Mohanty said that these operations will be consolidated and strengthened so that they can generate more profits for the corporation.
Siddharth Mohanty said that LIC is also exploring the possibility of setting up a finance-technology unit. He said that LIC has started the complete digital transformation project ‘DIVE’ and has appointed a consultant for it. Through this, best-in-class digital initiatives will be launched for all stakeholders, customers, intermediaries, marketing assistants and everyone.
Along with this, SIC is also planning to set up a fintech unit. LIC has launched a complete digital transformation project DIVE (Digital Innovation and Value Enhancement). Also, a consultant has been appointed to run the project.
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