LIC and Hero Insurance Brokers Partner to Increase Insurance Penetration

Life Insurance Company of India (LIC) and Hero Insurance Broking have partnered to increase insurance awareness and availability, especially in neglected and neglected markets. They will target semi-urban and rural regions of the country. The two companies are joining their distribution forces. LIC is regarded as one of the leading life insurance distributors in India with over 3,550 customer contact points, while Hero Insurance Broking has an extensive distribution network of over 2,700 customer service points.

LIC offers 32 life insurance plans, including compounding, term insurance, retirement, health insurance and unit-linked products. It issued 2.1 crore in new insurance coverage in the year 2020-21.

The objective of the immobilization is to ultimately increase the benefits of insurance among the uninsured sections and, therefore, improve the financial security and stability of households in India.

The operations of Hero Insurance Broking are based on technological advancements and the empowerment of individuals through the use of these advancements. It uses technology to interact and deal with customers, as well as to provide services “phygitically”, that is, both physically and digitally.

Hero Insurance Broking regularly invests in training to ensure its point-of-sale staff are skilled and knowledgeable about digital assets, procedures and capabilities. It has developed a specialized digital infrastructure and a large number of point of sale staff to interact with customers. The organization’s digital service platforms are multicultural in nature, allowing clients to manage policy purchases, renewals, and claims services with relative simplicity.

In response to this affiliation with LIC, Hero Enterprise Executive Director Shefali Munjal said, “LIC’s wide range of plans are designed to meet the dynamic needs of all people, the returns it offers and its rate. High claims settlement rates are a reflection of it. Hero’s reach would complement that of LIC, and together we will help build resilience and empowerment, especially in rural communities.

Hero Insurance Broking CEO and Managing Director, Sanjay Radhakrishnan, added, “The partnership with LIC should enable us to provide insurance products to people who have not had the knowledge and opportunity to obtain insurance coverage. ‘insurance and help them make a decision. ”

Recently, LIC got approval from the Reserve Bank of India to increase its stake in Indusind Bank.

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