Life Insurance Corporation (LIC) has launched the ‘One Man Office’ (OMO) online service to empower its sales force and policyholders with round-the-clock digital services. The digital ecosystem is designed to streamline daily operations, boost efficiency, and cater to customer needs better. The OMO tool is intended to be a vital asset for the sales force to promote life insurance and provide better services to customers. According to Siddhartha Mohanty, CEO & MD of LIC, OMO will be a “shot in the arm” for achieving the objective of “Insurance for All by 2047”.
The OMO platform is packed with features such as a premium calculator, benefit illustrations, E-NACH registration, change of address, online loan requests, renewal premium payments, and claim-related requirement submission. This one-stop solution for business and service needs will be available on mobile phones and is expected to transform the way agents work. LIC plans to evolve the app in stages, adding new features to meet the changing needs of users. The company aims to enhance the user experience and make the app easy to use.
LIC has reported a standalone net profit of ₹11,056 crore in the October-December quarter, a 17% increase from the ₹9,444 crore net profit in the same quarter last year. The OMO launch is part of LIC’s efforts to digitize its operations and provide better services to its customers. The launch of OMO is expected to have a significant impact on the insurance industry, making it more accessible and convenient for customers to purchase insurance and access related services.