LIC: Insurance industry can partner with telcos, fintechs to expand reach: LIC

State-owned life insurance behemoth LIC's chief executive and managing director Siddhartha Mohanty on Tuesday pitched for using the e-commerce and telecom network to distribute policies deep in the country. "As we are serious about 'insurance for all', we must rethink how we distribute and market insurance products," Mohanty said, speaking at an event organised by CII here. He said the current channels, including agents, brokers, and bancassurance have been effective, but fraught with its own limitations given the challenge of taking insurance to each citizen of the country. Specifically, the current models have "limitations" to taking insurance to the vast and underserved rural market, the LIC executive said, adding that the future is in opening non-traditional channels. "Collaborating with non-traditional players, such as telecom companies, fintech firms and e-commerce platforms, we can significantly increase our outreach," he said. "These organisations have unparalleled access