SRINAGAR LIC of Indias 59th All India Sr. Divisional Managers Conference was held in Mumbai from 20th to 22nd May 2019, wherein annual Corporate strategies were deliberated upon.
The Conference was inaugurated with address by Chairman and Managing Directors of LIC of India. Divisional Heads representing 113 Divisions all across the country participated in the Conference. Zonal heads from eight different Zones as well as all operational heads in the rank of Executive Directors from Corporate Office participated in deliberations for finalizing strategies on various aspects of Marketing, Customer Servicing, Information Technology, HR, International Operations and new initiatives for the current financial year.
LIC has registered a Market share of 74.71% in number of Policies and 66.24% in First Year Premium Income for the year 2018-19 and achieved the highest ever First Year Premium Income of Rs 1,42,191.69 Crore. The performance in settlement of Claims continues to be a matter of pride for the Corporation.
The top achievers of 2018-2019 were felicitated during the Conference. Panel Discussions, Brainstorming on Corporate strategies for the objectives of the current financial year and planning of activities towards execution of the same, formed the Agenda for the Conference.
On 22nd May, Shri Rakesh Sharma, MD & CEO IDBI Bank was invited as the Guest Speaker at the Conference. He shared his vision on the Banks association with LIC of India and the synergies that can happen between LIC offices and IDBI Bank outlets. IDBI Bank has tied up with LIC of India as Corporate Agent on 27th February, 2019 and in the first month i.e. March, 2019 they have procured 20,980 Policies with Premium of Rs.139.70 Crore. In the Current Year i.e. 2019-2020, till date, they have completed New Business of 1929 Policies and Premium of Rs.30.21 Crore and are occupying No. 1 rank among all Bancassurance partners of LIC of India.
With increased association with LIC of India in opening of Accounts and resultant balances, IDBI Bank shall move faster towards healthier balance sheet.