MR KUMAR, CHAIRMAN LIC

Converting Adversity Into Opportunity

“Hope to grow to pre-Covid level by Dec

IC's headquarters at Yogakshema in

Mumbal has been the nerve centre

of the insurance sant's operations

        Chairman MR Kumar speaks of how

the corporate broke barriers overnight and razed rigid structures to not only cope but row during the pandemic...

What challenges does the new normal due to the pandem pose to your organisation?

It calls for a new work environment. Life insurance in India is still driven by individual agents. To overcome fear and maintain social distancing there was a need to completeneswith minimum physical interaction and with out paper. You need a strong digital infrastruc ture, flexible workforce, and strategies that pivot to changing situations. We are enabling email applications for maturity and surrender claims. Por denth claims, emails from club agents and development oficers are accepted

We settled to Covid claims under 776 policies for over Rs24 crore Making people work with ease without

compromising their safety was the biggest challenge We used Initiatives to break barriers overnight

How do you get new business and a pandemic?

        Our marketing initiatives helped us grow individual first year premium by 28% end July compared to 115% for private insurers We hope to grow to pre-Covid level by Q3 end and close the fiscal with strong growth.

What people-related challenges have artsen?

       Making people work with case without com promising their safety was the biggest challenge. We used IT initiatives to break barriers overnight, enabling remote access for salarypension, claim payments, and account closing even during strict lockdown. We moved from

a top-down decision-making structure to empowering teams at zonal and divisional levels.

How are you managing a work to balance?

      Exercise, pranayam, better eating habits - an immunity boosting lifestyle has been adopted. People realise the importance of life, health, family and work balance, which ultimately increases productivity

What is the key learning from this crisis?

       The pandemic has thrown light on the importance of life and health insurance. With people across age groups being affected by Covid, life insurance may become an essential part of the new reality of our economy. We will meet every requirement and expectation of our customers and are committed to the growth of our industry. We are confident of increasing our lead by the end of the fiscal.