LIC is using AI to improve customer service, marketing, and efficiency. They’re using technology to track customers’ needs and preferences as well as develop targeted marketing campaigns. The goal is to use AI to understand its customers more and provide a more personal service. To do this, LIC is using data from customer relations, social media, and other sources to train its techno-based intelligence system. The hope is that by using AI, LIC will be able to improve its customer service and marketing efforts and ultimately increase sales.
Tapan Kumar, CEO at LIC, stated he is excited about the potential of AI to help with their business. It will assist with customer experience, automation, and streamlining processes, as well as finding growth opportunities. India’s leading insurance company is investing in a new growth business. They plan to invest in artificial intelligence and digital services in the future.
LIC has experienced rapid growth in recent years and is investing in new technology to continue its success. These investments will include artificial intelligence and digital solutions. By making these investments, they are showing that they want to remain competitive as well as adapt to shifts in the market.
LIC’s Plans to Expand into Newer Markets
Looking to expand its reach even further, LIC has announced plans to enter new markets across India. In addition to its well-known domestic competitors, LIC is looking to challenge the dominance of the country’s top two insurance providers. The company has already made inroads into new markets such as Andhra Pradesh and Telangana and is now eyeing Uttar Pradesh and Bihar.
LIC has set a goal of becoming the No.1 insurer in each of these six states within five years. To make this happen, the company is focusing on cutting costs while also expanding its product offerings. It’s also investing in artificial intelligence and big data to help it better understand customer needs.
If LIC can successfully navigate these new markets, it could be a major player in India’s insurance sector for years to come. LIC’s Plans to Invest in Artificial Intelligence and Blockchain Technology
Licenses India, India’s leading insurance company, is moving fast on a new growth path that includes investments in artificial intelligence (AI) and blockchain technology. Licenses plan to use AI to improve customer experience and customer segmentation, as well as to automate insurance processes. Licenses also plan to use blockchain for its new “smart contracts” platform, which will allow customers to buy and sell insurance policies directly from their smartphones. These investments are a big change for Licenses India, which has mostly sold traditional products like life and health insurance in the past. Over the past few years, LIC has grown a lot, and its most recent plans show that it wants to keep growing.
LIC recently announced that it will be launching a new product line that will focus on providing coverage for cancer patients. This new line of products will be available through both LIC’s own network of agents and through partner insurers. Cancer is a major health concern in India, and this new product line is likely to appeal to a wide range of customers.
LIC’s expansion into the cancer market demonstrates its commitment to staying ahead of the curve in terms of industry trends. The company is clearly committed to continuing its rapid growth trajectory, and it looks like it has plenty of potential customers eager to see it succeed.
The company announced last month that it had agreed to acquire 100% of the shares of United India Insurance Company (UIIC) for an undisclosed sum. With the money from this purchase, LIC will be able to strengthen its position in the southern market and speed up its growth in other key areas.
UIIC is one of India’s oldest and largest insurance companies. With a presence in over 20 states across the country, the company provides insurance products and services to over 1 million customers. With this purchase, LIC will be able to use UIIC’s customers and resources, such as its distribution network and technical know-how.
The agreement marks LIC’s latest expansion into the southern market, which is growing at a faster pace than other regions of the country. Through its subsidiary, LIC Housing Finance Ltd., Lic already has a strong presence in the south, and this purchase will give it even more power in this important market.
In recent years, the company has made several acquisitions that have strengthened its
LIC, India’s Leading Insurance Company, is Moving Fast on a New Growth Path. LIC has partnered with IBM to bring blockchain solutions to the industry.
LIC will use IBM’s blockchain technology in two different ways:
1) To assist clients in more accurately and efficiently managing risks by tracking and tracing assets and liabilities across multiple jurisdictions.
2) to help regulators track insurance activity more effectively so that premiums don’t go up unnecessarily and fraudsters are identified and stopped.
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