LIC (South) eyes Rs 9,900 cr FPI

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Chennai, Sept 1 : The southern region of the Life Insurance Corporation of India (LIC) has set a first premium income (FPI) target of Rs 9,900 crore for the current fiscal ending March 31, 2008 by selling 60 lakh new policies. The insurance major is also embarking on a major IT initiative to become a paperless office in the next two years, said B Manivannan, zonal manager, South Zone.

Addressing a press conference here on Monday on its 52nd anniversay, he said the South Zone has so far sold over 11 lakh policies for a FPI of Rs 1,320.77 crore. “We are confident of achieving our said target. In March 2009 alone, we hope to do 1/3rd of the targeted business,” he added.

The first premium collection during last fiscal amounts to Rs 8,552 crore, registering a growth of 45.87%. Another milestone in the history of South Zone is that it is Number 1 in the country in respect of new business.

On the pension and group schemes, the zone has so far covered 2,47,165 lives as against 19 lakh lives set for the current fiscal.

Similarly, the zone has earned a premium income of Rs 317.87 crore under this scheme as against the target of Rs 1,000 crore, he added.

Meanwhile, the company is planning to become a paperless office in the next two years. The corporation, which has over 23 crore policies under its belt, has roped in Hewlett Packard to implement Enterprise Document Management System (EDMS) where in customers can log on to a portal to get informations about their policies and products.

On the realty front, he said, the corporation has bought two properties near Chennai for a sum of Rs 173 crore. The corporation is planning to develop commercial space on the same, Manivannan added.

EDMS services: Life Insurance Corporation of India announced that its proposed Enterprise Document Management Services (EDMS) across the country would be completed by 2010. "Our proposed EDMS will be completed in all 106 divisions under eight zones in the country in two years," LIC regional manager S Nagesh said. "Hewlett Packard will set up a scanning centre in each divisional office, which will ensure storing all details of persons who have insured with us," he added.