LIC is flushed with cash and should consider improving IT infrastructure of its entire operation to global standards. Currently IT infra is only average in spite of being such a big company for several years compared to global companies and other new Indian collaboration's. If they don’t improve IT infrastructure slowly they will start losing business since nowadays buying of policies happen online and support and services take place online with strong backend support system and marketing. Currently all over IT companies support all global insurance companies they must be asked to create best platform for LIC. Around 500 crores for same will help LIC reach global standards in 2 years and slowly by 5 years the IT infra of LIC will be global.
LIC should consider constructing the tallest building in Asia for its new office if possible at Mumbai to show global status and countries think we are not capable of building high rise buildings. LIC with its funds should work out to construct tallest building in Asia to put LIC and India on the global map. The building can have mall for shopping, events, etc,. To get other sources of income for LIC. LIC can occupy certain number of floors. It also can have hotel room as well. All cities to put on global map construct high rise buildings to show power.
LIC not competing in international travel insurance business or not collaborating effectively with airlines and websites to offer best travel insurance which is a huge market. Many new private Indian insurance companies have worked out plans with organisations and airlines for international travel but LIC is very negligible in this field.
LIC must try to setup offices around the world slowly to improve market presence instead of just focussing on India to gain new markets and become a global brand. The excess funds should be used to setup base offices in new countries to initially understand their business and rules and help Indians during emergencies and later capture over 10 year period.
LIC must come up with unique policies for NRI who travel back and forth to India regularly. For them medical and other emergencies handled in India effectively at best price for lifelong.
Many Indians who go as tourists to various countries lose money in Casino or theft or loss of passport all these if possible LIC should cover to send them back to India. Casino I have seen many lose all money but don’t know how to go back to India. Better LIC must come up with an extraction policy from any country which will pull anyone from any country if stuck. The extraction policy will be like working with Indian Immigration, Govt of India special agency and special agencies abroad and Indian embassy. It is tough but see if possible but will benefit many who get stuck abroad due to various reasons and don’t have money to return. Either adhoc policy at real time or pre-planned policy to extract in case of issues.
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