New Delhi: Life Insurance Corporation of India (LIC) has allocated ₹600 crore for its digital transformation initiative, with plans to become completely paperless within two years, according to Chief Risk Officer Sunder Krishnan. The initiative is part of the company's Digital Innovation and Value Enhancement (DIVE) programme, aimed at enhancing LIC's digital platform to improve experiences for customers, partners, employees, and field forces.

Vivek Iyer, a partner at Grant Thornton Bharat, highlighted that LIC is losing customers to newer insurance companies that offer more seamless and convenient experiences. He noted that younger generations prioritise ease and convenience, and no longer consider trust as a major differentiator among insurers.

While LIC maintains the largest market share in the insurance sector, industry analysts have observed that its digital upgrade has been slower compared to its private sector competitors. The DIVE programme is expected to help LIC bridge the technology gap and strengthen its position in the market. /BI