On 17th September 2021, Life Insurance Corporation of India (LIC) launched its new mobile app – ‘PRAGATI’ (Performance Review Application, Growth And Trend Indicator) for exclusive performance analysis of the company by development officers.
i.PRAGATI has provisions for real-time performance analysis by analysing various information related to Premium collection, Policy activation, NACH validation among others.
ii.Using the real-time data, development officers can monitor the activities of their LIC agents.
iii.PRAGATI has provisions for calculators to measure Cost ratio.
LIC launches AI based app – “Jeevan Saakshaya”
“Jeevan Saakshaya”, an Artificial Intelligence (AI) technology based application, was launched by LIC that offers retired employees for online submission of life certificates.
- LIC’s Individual Pension Plan (IPP) Annuitants and Staff Pensioners can submit their digital existence life certificate through the app.
Note – In India, Foreign Direct Investment (FDI) upto 74% is allowed in the Insurance sector, which is not applicable to LIC which is 100% owned by the Government of India.
Digital Initiatives by LIC:
- In August 2021, LIC launched ‘Ananda’ (Atma Nirbhar Agents New Business Digital Application) Mobile App, an Aadhaar based paperless KYC processing application for LIC Agents.
- ‘LIC Mitra’, a Chatbot that is available in English, Hindi and Marathi currently serves over 50,000 daily enquiries.
Recent Related News:
“Bachat Plus” a non-linked individual savings plan was launched by LIC, with a minimum basic assured sum of Rs. 1 lakh and a maturity period of 5-years.
Chairman – M R Kumar
Established – 1956
Headquarters – Mumbai, Maharashtra