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IMDR’s Journal of Management Development and Research 2022-23

transactions with options for using cash. The customer benefits from not having to go through the
lengthy claims procedure required by conventional insurance.

Customer Interactions Have Gone Digital
More and more customers want immediate responses to their inquiries. The days of the customer
writing a message to the insurer with a problem or question are long gone. Modern insurance providers
use messaging features to make sure their clients can get assistance right away. Insurers have also
introduced new technology such as chatbot which has eliminated humans to provide answers to some
of the commonly asked queries. As a result, it now takes less time to discover a solution to a question.

Claims Being Processed Automatically
Through the use of Artificial Intelligence (AI), machine learning, and predictive analysis, the insurance
sector has undergone a digital change that has increased operational efficiency. Claims can now be
handled quickly and easily through a mobile app, which has helped insurers shorten the "policy
writing" process. Some digital insurance companies require the policyholder to upload photos of the
damages the insured vehicle has suffered in order to file a claim, which makes the process much
quicker than it would be using a traditional process.

LIC Digitised ANANDA APP: The Atma Nirbhar Initiative

Using their direct platform, even insurance companies have begun to offer online, though not all of
their products are available for purchase there. Due to the shortage of insurance agents, LIC and their
agents have shown the most resistance to online insurance. Because LIC agents make up 85% of the
field force and are led by the unions, their opinions are taken very seriously
Even for offline insurance, the renewal industry is gradually migrating online in the next years thanks
to straightforward ECS and auto debit rules. The BCG analysis forecasted a big increase in renewals as
well, with increased business profit due to a significant decline in agent compensation and lower
operational costs associated with creating and distributing the policy.
The Life Insurance Corporation of India (LIC), a state-owned insurance behemoth, plans to modernize
and digitize its entire system. By introducing the 'ANANDA' - Atma Nirbhar Agents New Business
Digital application, which is exclusively for LIC agents, they are taking a step towards further
eradicating their system. M. R. Kumar, Chairperson, LIC of India, inaugurated the mobile app via
video conferencing.
New policies can be provided through the application; the agent is not required to pick up the LIC
policy in person. The LIC agent can readily log in fresh papers if they have a laptop or PC. Because
India is moving towards becoming ATMA NIRBHAR in every aspect. LIC has been prepared to
appoint Atma Nirbhar as their LIC consultant (Self Dependents).
The Chairperson of LIC of India stated in his keynote speech that "the Launch of ANANDA Mobile
App is a big day for LIC as the Organization has made a huge leap and today's launch is the result of a
two-way process, wherein the High Level of Usage of the ANANDA module has resulted in the
Development of the Mobile App"
Minimum net worth: The web aggregator shall have a minimum net worth of not less than Rs 50 lakh at
any time during the previous three consecutive years.

Transforming the distribution-controlled insurance industry with digitization:
Although India still has a low level of insurance coverage (4.20%), it is unquestionably expanding
significantly. This process was further hastened by the COVID-19 epidemic, and most of it can be
attributed to digitization. By democratizing insurance access and assuring its greater distribution in a
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