During the fiscal year 2024, the Life Insurance Corporation of India (LIC), renowned as the nation’s leading insurer, marked a momentous achievement through its Agent Assister Ananda App. This digital platform serves as a gateway for policy sales, enabling LIC to surpass the remarkable milestone of selling more than 1 million policies.
During an investors’ meeting, the company said “It is a matter of extreme pride that we have comfortably crossed the 1 million policies mark through the Ananda App. I would like to recall that during FY21-22, and FY22-23, we had sold 2,74,000, and 8,11,000 policies, respectively, through Ananda App.”
LIC said, “We have completed 11,58,805 policies through this app during the year ended March 31st, 2024, as compared to 8,11,278 policies for the comparable period ending March 31st, 2023, thereby, registering a growth of 42.84 percent on year-on-year.”
In the fiscal year 2024, LIC successfully finalized 1,158,805 policies using the Ananda App, showcasing a growth of 42.84% from FY23, during which 811,278 policies were transacted through the same platform.
LIC launched Ananda (Atma Nirbhar agent’s new business applications) in 2020, enabling agents to easily contact customers, input their information in the app, and share a payment link for premiums. Additionally, LIC announced intentions to venture into health insurance, aligning with the government’s aim to introduce composite licensing by amending the IRDAI (Insurance Regulatory and Development Authority of India) Act.
“We are selling health insurance products. Though these are not indemnity products, six benefit products, we are quite experienced. But looking at the scenario, this composite license for insurers can be a game-changer. So, we have done, we are doing some internal work ourselves to occupy some space in the health insurance segment.”
The company has also indicated its contemplation of pursuing inorganic growth approaches, like acquiring stakes in other firms, to cater to society’s health insurance requirements. However, these strategies are currently in their initial phases.