The Dharwad division of Life Insurance Corporation of India will introduce the Enterprise Data Management System (EDMS) to enable the policy holders to get their policies serviced at any branch in the division.
The process of installing the system has commenced and it will be completed in a year. The policy holders can avail the benefit from next financial year. The system will cover entire India by 2010.
Divisional Manager Vishweshwar Rao told reporters here on Monday that with the introduction of EDMS the customer can go to any branch, pay premiums, take loans and other benefits.
He said the division comprising 15 branches and six satellite offices had serviced 17, 88000 policies till the end of March this year. It has collected Rs 55 crore as premium during the first half of the financial year 2008-2009 as against the target of Rs 350 crore.
Of the total amount collected till the end of August Rs 28 crore is single premium while Rs 27 crore is non single premium.
The division has registered a 48.33 per cent growth in renewal premium collecting Rs 188.91 crore. It has a surplus fund of Rs 90.66 crore.
Market Plus, New Janaraksha, Jeevan Anand, Health Plus and New Jeevan Bharati were the popular policies sold in the division. The SDM said the division has settled 81,873 claims amounting to Rs 176.24 crore during 2007-2008.
Stating that the LIC was the market leader in the insurance business, Rao said the trust it has created among the people in its 52 years of existence had been the main reason for the LIC to remain on top.
