[Source: Medium]

The Life Insurance Corporation of India is actively developing strategies to address the growing challenges of high cost of living and migration, which have impacted its business growth in Fiji.

Speaking to FBC News, LICI General Manager Pradeep Shenoy outlined key initiatives aimed at expanding their customer base and increasing business efficiency.

Shenoy says they are targeting government departments and private sector companies to increase its insurance portfolio.

“Right now, there are close to 300 companies, various small and big companies, as well as the various ministries of the government of Fiji, where this facility of the LICI premium being deducted from the salary and being remitted to us is available.”

Shenoy says that roadshows and service camps can also help increase business.

LICI Manager Finance and Investment Vivek Prakash highlights that community outreach programs are critical.

“We have also approached the police, and we are ready to take part in their community outreach programs aimed at raising awareness of the hazards of drug abuse and combating drug trafficking, which will be in the coming days. We will be contributing and volunteering ourselves with that.”

As LICI strengthens its efforts to mitigate the impact of economic challenges, it remains committed to supporting Fijian communities through both financial and social initiatives.