The Life Insurance Corporation of India (LICI) in Fiji has processed nearly 8,000 claims totaling $55 million in 2023. In the first eight months of the 2024 financial year, the company paid out $38 million to 5,400 policies. During the company’s 68th anniversary celebrations held in Suva, LICI Fiji’s general manager, Shenoy, revealed that the payout included 105 death claims which amounted to $2.28 million.
LICI has also expanded its support for policyholders by offering a loan facility, with over 10,000 policyholders utilizing this service, resulting in $30 million disbursed in loans this year. In the previous year, more than 15,000 loans were issued, averaging about 60 loans per working day.
In a move towards modernization, LICI Fiji has ceased the use of physical policies and transitioned to ePolicies, streamlining the process and promoting environmental sustainability.
“Our goal is to make insurance services more accessible and responsive to our policyholders’ needs,” stated Mr. Shenoy. “By embracing technology and expanding our outreach, we aim to provide exceptional service and support to our valued clients.”
As part of its customer outreach efforts, LICI has been active in the community, organizing roadshows and service camps throughout the country.