LIC International aims to improve the process of researching life insurance products online. Credit: Tumisu from Pixabay.

The LIC International joint venture (JV) owned by Life Insurance Corporation of India (LIC) has entered a collaboration with PB Fintech Group’s Bahrain-based subsidiary Policybazaar.ae to accelerate the growth of the insurance sector and deliver improved customer service.

Under the partnership, Policybazaar.ae’s technological expertise will be used to develop customer-focused opportunities, improve product marketing and collect user feedback to expand the online availability of LIC International’s products, reported Zawya.

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This will allow the JV to get hold of an important portion of the online distribution space.

For LIC International, Policybazaar.ae will create a platform that can be used by customers to learn, compare and make an informed decision before buying policies and raising servicing if required.

Furthermore, the JV will be able to improve the process of researching life insurance products online and explore new opportunities to provide enhanced customer service.

The company can also customise insurance products, streamline processes, among others.

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In addition, LIC International has unveiled two new customer-focused unit-linked insurance plans, Systematic Wealth Creation Plan and Single Premium Wealth Creator.

LIC International Dubai resident manager Dr Pradeep Mishra said: “By combining our deep understanding of the insurance landscape with Policybazaar.ae’s cutting-edge technology solutions, we aim to transform the way insurance is perceived, purchased, and experienced by our customers online.”

The Bahrain-based company currently has offices in UAE’s Dubai and Abu Dhabi.

Policybazaar.ae CEO Neeraj Gupta said: “Our innovative technology solutions will enable LIC International to not only enhance their marketing efforts but also gather invaluable user input, enabling them to continuously improve and optimise their product offerings.”