LIC looks beyond insurance, explores fintech opportunities

Business Desk MUMBAI

State-run insurance giant Life Insurance Corporation of India (LIC) is exploring a foray into the fintech space and may establish a dedicated fintech arm through either strategic investments or organic expansion, according to CEO and Managing Director R Doraiswamy.

  Doraiswamy said LIC is actively engaging with fintech and insurtech firms as part of its broader effort to modernise operations and accelerate digital innovation. He said the insurer is evaluating multiple options that could help strengthen its technology capabilities and improve customer service.

  "We are engaging both fintech and insurtech players and a lot of innovative solutions are being developed by such firms," Doraiswamy said, adding that LIC is also open to making strategic investments in specialised technology companies if they can enhance returns for policyholders and support long-term growth.

  Doraiswamy emphasised that self-reliance alone is not sufficient in today's rapidly evolving technology landscape. The insurer continues to work with external IT service providers for infrastructure, platforms and advanced digital solutions while maintaining its own development teams. According to him, a combination of internal expertise and external partnerships is essential to remain competitive in a fast-changing financial services sector.  

 He said LIC's primary objective is to modernise its technology ecosystem and become more agile and responsive to customer needs. The corporation is currently assessing the value proposition of different fintech-related opportunities before taking a final decision.