LIC weighs foray into fintech space, strategic investment on table

NEW DELHI: Insurance giant LIC is actively considering establishing a fintech arm either through strategic investment or organic way to cater to its growing digital needs, CEO & MD R Doraiswamy said.

"Naturally, to meet the modernisation requirement and particularly to bring innovation, we are engaging both fintech and insurtech players and we are getting a lot of new things being developed by such players," Doraiswamy said.Doraiswamy, who had spearheaded the modernisation of IT infrastructure and business applications of LIC's Individual Business as executive director, said, the corporation needs to have both its own core development teams as well as the support of IT players."So, both go hand in hand...we are engaging the fintech players but whether it can be a strategic partner, we are looking at various options available and we may be coming up with something...our first aim is to modernise our IT applications and become as agile and nimble-footed as possible to remain relevant in the competition," he said."We are a big financial institution investing in multiple organisations and we also look at strategic investments in any specialised player as a way of improving the returns on the policyholders' funds," he added.