TIRUCHI, March 04, 2005
The Life Insurance Corporation (LIC) plans to enter
the African markets, especially Botswana and Madagascar,
its Chairman, Mr R N Bhardwaj, said on Friday.
In a move to tap the growing NRI population in New
Zealand, Trinidad and Tobago, LIC is also exploring
the business potential in these markets, he told reporters
here.
Explaining its overseas plans, Mr Bhardwaj said in
Saudi Arabia, LIC in collaboration with New India
Assurance would launch composite insurance schemes
aimed at the NRI community. He said Sri Lanka, which
was its first overseas market, showed a remarkabl
e growth in business.
In Nepal too, LIC's business volumes showed a healthy
growth, he said.
On new projects, he said LIC had initiated a 'Data
Warehousing' programme, which was aimed at finding
out the ''behaviour'' of the various policies.
This was done to understand the customer requirements,
which would help the insurance company to launch ''tailor-made''
policies for prospective policyholders in the future.
The Data Warehousing programme has already been initiated
and would be commissio ned in two years' time, Mr
Bhardwaj said. - PTI
