Life Insurance Corporation of India (LICI) Fiji Operations reported the disbursement of nearly 8,000 claims totaling $55 million in 2023. In the first eight months of its 2024 financial year, the company paid out a total of $38 million across 5,400 policies.
During the company’s 68th anniversary celebrations in Suva, LICI Fiji general manager Shenoy announced that the recent payouts included 105 death claims, amounting to $2.28 million.
LICI has also expanded its support for policyholders through a loan facility, with over 10,000 policyholders utilizing this option, resulting in $30 million disbursed this year. In the previous year, LICI issued more than 15,000 loans, averaging 60 loans per working day.
To modernize its services, LICI Fiji has eliminated the use of physical policies, transitioning to ePolicies since last year. This change not only streamlines processes but also enhances environmental sustainability.
“Our goal is to make insurance services more accessible and responsive to our policyholders’ needs,” Mr. Shenoy stated. “By embracing technology and expanding our outreach, we aim to provide exceptional service and support to our valued clients.”
As part of its community engagement efforts, LICI has been actively connecting with the public through road shows and service camps nationwide.