Life Insurance Corporation of India taps Kearney as partner for Jeevan Samarth
Life Insurance Corporation of India has brought in consultants from Kearney to help the group transform and modernize its agency ecosystem.
With total assets under management of INR 52 trillion and around 98,000 employees, Life Insurance Corporation of India (LIC) is India’s largest life insurance company. The state-owned insurance group offers people all kinds of insurance and pension schemes.
In a bid to optimize its large network of agents – businesses and individuals that broker insurance products in return for a commission – LIC has launched a comprehensive transformation program. Dubbed ‘Jeevan Samarth’, the program aims to future-proof its 1.4 million agent workforce to better meet the evolving needs of customers and stay ahead of industry trends and regulatory changes.
“Through Jeevan Samarth, we aim to transform our agency ecosystem to align with the rapidly evolving needs of millions of Indian families, providing them with suitable long-term savings, protection, health insurance, and pension solutions,” said LIC CEO and Managing Director, S Mohanty.
Besides a review of the existing agency framework, the program will involve revamping the agency operations at the branch, division and zonal levels with the objective to adopt global best practices.
The program is being supported by Kearney, a global strategy and management consultancy firm, which has been appointed as transformation partner. In India, Kearney operates with offices in Bengaluru, Mumbai and New Delhi.
“We’re thrilled to partner with the Life Insurance Corporation of India to transform their 1.4 million-agent workforce and better meet the evolving needs of consumers,” said Kaushika Madhavan, the managing partner of Kearney in India.
“This ambitious project aims to strengthen the entire agency channel from recruitment and onboarding to training and development, digital enablement, and operational efficiencies delivered at branches and divisions. Agents will become more confident and capable to serve every customer segment across the country.”
