Chairperson said LIC is working on a new mobile app and has enlisted BCG as a consultant

Chairperson said LIC is working on a new mobile app and has enlisted BCG as a consultant

The organization has endeavored to completely change its digital services, the chairwoman said.

Prior to this, Mohanty said that the insurance would use its application to conduct client onboarding in an exclusive conversation with Moneycontrol.

The chairperson of the Life Corporation of India, Siddhartha Mohanty, said on November 10 that the company is developing a new mobile application for its digital services. Boston Consulting Group (BCG) has been enlisted by the nation's biggest insurance for the application, he said.

"We are developing a mobile application, and Boston Consulting Group (BCG) serves as our consultant," Mohanty said at the press conference after the findings.

The chairwoman also emphasized the company's efforts to completely overhaul its digital offerings. "Our digital services have undergone a complete makeover in order to better serve our customers," said Mohanty.

Prior to this, Mohanty said that the insurance would use its application to conduct client onboarding in an exclusive conversation with Moneycontrol.

We are going to see a digital revolution in the current year. This year, digital customer onboarding will also be put into practice. As a result, you will notice significant changes to our digital operations," Mohanty said.

Q2 LIC

On November 10, 2023, the insurance said that its net profit for the quarter that ended on September 30, 2023, had decreased by 50% to Rs 7925 crore. The insurance giant declared a net profit of Rs 15,952 crore for the same time last year.

According to a press statement from the insurance, YoY profit data cannot be compared because of changes made to its accounting rules in September 2022 regarding the transfer of money (Net of Tax).

The decline in net premium income was the main cause of the profit decline. Net premium income for Q2FY24 was Rs 1.07 lakh crore, a 19% decrease from Rs 1.32 lakh crore during the same time last year.

Gross non-performing assets (GNPAs) for the insurance were 2.43 percent, compared to 5.60 percent the year before. Its net NPA did not change from the same time last year.

In comparison to the Rs 3,677 crore for the six months ended September 30, 2022, the value of new business (VNB) for the six months ended September 30, 2023, was Rs 3,304 crore. During the same time frame, the net VNB margin was constant at 14.6%.

During the first half of FY24, the insurer sold 80.60 lakh policies, as opposed to 83.59 lakh policies during the same time in the previous year.