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Extending affordable financial protection to every insurable individual: LIC CEO

IANS

Siddhartha Mohanty, CEO and MD of Life Insurance Corporation of India (LIC), said on Thursday that the nation’s largest insurer has consistently focused on reaching rural areas and economically and socially disadvantaged sections.

A day after a delegation of LIC agents met the Leader of Opposition in the Lok Sabha, Rahul Gandhi, and raised issues regarding recent changes in rules which make insurance less affordable for the poorest, the LIC CEO denied such concerns, saying, “We aim to extend financial protection to every insurable individual at an affordable cost.”

“We want to clarify that LIC has introduced products that align with the New Product Regulations set by IRDA, effective from October 1, 2024, keeping policyholders’ interests at the forefront,” Mohanty said in a statement.

Stressing that LIC is committed to broadening life insurance coverage, Mohanty said that with a diverse portfolio catering to various customer segments and different strata of society, LIC fully complies with all regulatory requirements.

IANS

“As an example, our ‘Micro Bachat’ plan offers a minimum sum assured of Rs 1 lakh and is exempt from GST, ensuring accessibility. Post changes in product regulations, the commission has not been reduced for agents, it has been given in a staggered manner,” he informed.

Mohanty added that LIC remains dedicated to providing financial security to its policyholders while supporting its agency force’s well-being.

In his meeting with LIC agents, Rahul Gandhi said that the LIC was formed in 1956 to provide affordable insurance to all Indians. The Congress leader assured that he would raise this issue in Parliament.

Meanwhile, LIC recorded a 28.29 per cent surge in group yearly renewable premiums and a 7.9 per cent rise in individual premiums during the first 11 months of FY25, according to the latest industry data.

As of February 2025, LIC’s total premium collection stood at Rs 1.90 lakh crore, reflecting a 1.90 per cent increase from the Rs 1.86 lakh crore collected in the corresponding period of FY24.

(With inputs from IANS)

March 20, 2025
Agile Transformation in Financial Services: A Strategic Shift or a Passing Trend?
The Evolution of Financial Services in the Digital Era
The financial services industry is evolving, driven by changing customer expectations, regulatory requirements, and the need for real-time data insights. Traditional systems, built on rigid infrastructure, often struggle to meet these demands, leading to increased costs and operational inefficiencies. Manual commission processing, complex broker-dealer platform management, and data integrity issues remain persistent challenges.

To address these issues, financial institutions are adopting agile frameworks and automation. Agile methodologies enhance flexibility, enabling institutions to respond quickly to market changes and streamline workflows. Automation reduces processing time, strengthens compliance, and increases scalability essential for remaining competitive. However, the question remains: Is this shift a long-term strategic transformation or a short-term solution?

Pioneering Research in Financial Services Transformation
Sarita Gahlot’s recent research offers valuable insights into how agile, and automation are improving financial services.

In her paper “Transforming Commission Processing in the Financial Services Industry: Challenges, Strategies, and Best Practices” (co-authored with Abdul Samad Mohammed and Prabhu Muthusamy), published in the American Journal of Autonomous Systems and Robotics Engineering, Sarita examines the limitations of traditional commission processing. The study outlines how automation and centralized management reduce processing time, improve compliance, and enhance scalability.

Another notable work by Sarita is “Agile Project Management in Large-Scale Financial Technology Conversions: Lessons from a Broker-Dealer Platform Migration” (co-authored with Lakshmi Durga Panguluri and Prabhu Muthusamy), published in the Essex Journal of AI Ethics and Responsible Innovation. The research explores how agile methodologies improve data integrity and regulatory compliance during broker-dealer platform migrations.

Key Insights from the Research
Sarita’s research identifies several strategic takeaways:
- Centralized Commission Processing: Automation reduces manual errors and improves processing speed.
- Agile Frameworks for Flexibility: Agile approaches enable quick adaptation to market changes and regulations.
- Operational Efficiency: Automation reduces backlogs and improves service delivery.
- Cross-Functional Collaboration: Agile enhances alignment between business and technology teams.
- Data Integrity and Real-Time Insights: Real-time insights enable faster and more accurate decision-making.
By identifying inefficiencies, Sarita’s research provides a strategic roadmap for improving financial services operations.

Sarita Gahlot: A Thought Leader in Financial Services Transformation
Sarita Gahlot is an experienced advisor with over 15 years of expertise in financial services, specializing in strategic project management and digital transformation. Currently a Manager at major professional services firm in the United States, Sarita leads projects in insurance, wealth management, and capital markets, focusing on improving operational efficiency and driving strategic growth.

Among her key achievements are leading a multi-million-dollar commission transformation and broker-dealer platform migration for a major independent broker-dealer in the U.S., reducing processing time and improving scalability. She also managed the integration of client servicing, account management, and onboarding into a single platform using low-code technology improving customer satisfaction and reducing operational costs.

Sarita’s expertise in agile frameworks has been instrumental in her success. She has directed cross-functional teams of over 20 members, delivering Minimum Viable Products (MVPs) on or ahead of schedule. Her leadership in process automation has consistently achieved 90%+ customer satisfaction scores and high resource utilization rates.

Sarita holds a variety of industry-recognized certifications, including PMP®, Certified Scrum Master®, SAP Activate Certified, Six Sigma Green Belt (IIT Delhi), MDRT Financial Professional (USA), and Unqork Certified Configurator. She also mentors emerging professionals and contributes to industry thought leadership through white papers and panel discussions. Her ability to align business strategy with technical execution has established her as a respected figure in financial services transformation.

Sarita also mentors young professionals and contributes to industry thought leadership through white papers and panel discussions. Her ability to align business strategy with technical execution makes her a respected voice in financial services transformation.

Agile and Automation: A Sustainable Model or Temporary Fix?
The financial services industry stands at a pivotal moment. Sarita’s research demonstrates that agile frameworks and automation offer effective tools for improving operational efficiency and regulatory alignment. However, the long-term success of these strategies will depend on how well institutions sustain this momentum through continuous improvement and strategic alignment.
While agile methodologies enhance speed and flexibility, financial institutions must also build a strong foundation for future growth. Real-time data insights, enhanced scalability, and improved client experience are essential for staying competitive in an evolving market. Financial institutions that fail to adopt a strategic approach to agile and automation risk falling behind in a rapidly changing environment.

Sarita’s work provides a clear blueprint for financial institutions seeking to drive sustainable growth through agile and automation. Agile is not just a short-term solution it represents a strategic shift in how financial institutions operate and compete. Institutions that embrace these changes thoughtfully and strategically will define the future of financial services.
March 18, 2025
Sensex, Nifty close higher, financial, pharma stocks lead

Sensex, Nifty close higher driven by financial, pharma stocksIANS

The Indian stock market closed with strong gains on Monday, driven by buying in financial, pharma and select metal stocks.

Both the Sensex and Nifty saw a positive finish despite a mixed start to the day. The Sensex opened on a cautious note, briefly slipping to 73,796, down 33 points in early trade.

However, it quickly gained momentum, rallying to a high of 74,376, which was 400 points above the intra-day’s low. After trading in a consolidated manner for the rest of the session, the Sensex ended the day 341 points higher at 74,170.

The Nifty index also started on a weak note, opening with a 44-point loss at 22,353. But it soon recovered and climbed to an intra-day high of 22,577. By the end of the session, the index settled at 22,509, gaining 112 points or 0.5 per cent.

Among the top-performing stocks on the Sensex, Bajaj Finserv surged 3.8 per cent to Rs 1,875. Adani Ports, Mahindra & Mahindra, Axis Bank, and Bajaj Finance also recorded gains of around 2 per cent each.

Other key gainers included Zomato, ICICI Bank, Sun Pharma, UltraTech Cement, Tata Motors, and Tata Steel.

Sensex, Nifty close higher driven by financial, pharma stocksIANS

On the downside, ITC declined by 1 per cent, while Nestle India, SBI, and Reliance Industries also ended in the negative territory.

In the broader market, the BSE MidCap index gained 0.8 per cent, while the SmallCap index closed flat. Among sectors, the BSE Healthcare, financial services, auto, and metal indices gained around 1 per cent each on Monday.

“As the session progressed, profit booking led to a 100-point decline from the day’s high, reflecting market participants’ cautious stance,” said Sundar Kewat from Ashika Institutional Equity.

He added that on the global front, sentiment received a boost as China unveiled a strategic action plan on Sunday to stimulate domestic demand.

“Additionally, better-than-expected industrial production and accelerating retail sales growth in China further supported optimism,” he mentioned.

Rupee traded strong by 0.27 at 86.86 against the dollar, supported by a weak dollar index and lower outflows in the secondary capital markets in recent days.

“The dollar’s weakness continues to provide support to the rupee, while market participants are closely watching key US economic data releases, including retail sales, the Fed’s policy meeting, and its statement later this week,” said Jateen Trivedi from LKP Securities.

(With inputs from IANS)

March 17, 2025
The Need for Financial Support in Non-Filmy Music After the 1st Marathi Indie Music Awards

Eminent music composer Ashok Patki was conferred with the prestigious ‘Sangeet Ratna Lifetime Achievement Award in recognition of his outstanding achievements in the field of non-film music.

PUNE: “Independent music allows artists to express themselves freely. Therefore, Independent Marathi non-filmy music should be acknowledged as a startup and receive financial aid similar to Marathi films,” noted singer Vaishali Samant. She was speaking at the first-ever Marathi Indie Music Awards (MIMA) recently. The program was organized by Maharashtra Kala Manch and Just Collab, with Ajay Naik and Kaustubh Dabadage at the helm.

Eminent music composer Ashok Patki was honored with the ‘Sangeet Ratna’ Lifetime Achievement Award for his remarkable contributions to non-film music at the hands of Prasad Lad, Member of Legislative Council, State Government. The program was held at the Shakuntala Shetty Auditorium, Erandwane, Pune

“If Independent Marathi non-filmy music receives government financial aid, it will spread globally,” said Vaishali Samant. “We are passionate travelers in the world of music. This award has given us all a small shore to stand on today, and that’s a comforting feeling. The fact that our hard work is getting a platform is reassuring,” she added.

We will organize the next MIMA program in Mumbai, and I will ensure the Chief Minister’s attendance, Prasad Lad assured. He further stated, “Following Marathi’s recognition as a classical language, there’s been a surge in Marathi-related activities. In this context, we will submit a proposal to the Chief Minister within 20 days, seeking subsidies for Independent Marathi non-filmy music under Ashok Patki’s guidance.”

Ashok Patki reminisced about the song ‘Radha Hi Bawari’, saying, “Initially, the lyrics were different. Swapnil Bandodkar didn’t like it. He called me insisting I write the song. I tried to explain I’m a composer, not a lyricist, but he persisted. That night, the tune came to me, and I wrote the song.” Patki chuckled, ” ‘Radha Hi Bawari’ gave me the confidence to write songs.”

“In today’s era, education is readily available everywhere. However, values and cultural heritage are lacking. We learned music from renowned artists, but Ashok Patki sir instilled values in us beyond just education. These values remain with me today. One important value is passing on what we’ve learned to the next generation,” said Avadhoot Gupte, while accepting the award.

“We’ve been in this industry for over 25 years, but there wasn’t an award specifically for indie music. This initiative marks the beginning of a new journey for non-film music, and it will inspire and motivate the new generation of music composers and lyricists,” said Swapnil Bandodkar.

Noted singers-composers Avadhoot Gupte, Vaishali Samant, and Swapnil Bandodkar were honored with the ‘Marathi Indie Music Icon’ award. Additionally, Pt. Raghunandan Panshikar, Anand Bhate, and Pt. Sanjeev Abhyankar received awards for Best Classical Vocalist, while Jeevan Dharmanandhari and Vivek Kajvekar were recognized for Music Arrangement.

Additionally, ‘Gaarva’ was recognized as the First Iconic Marathi Indie Song, honoring poet Saumitra and composer Milind Ingle. Also, ‘Aayushyavar Bolu Kahi’ was awarded the First Iconic Indie Marathi Show, recognizing composer-singer duo Sandeep Khare and Salil Kulkarni.

March 17, 2025
HOW Universal Postal Union and IsDBI are Innovating Digital Islamic Financial Services

JEDDAH, KINGDOM OF SAUDI ARABIA: The Islamic Development Bank Institute (IsDBI) hosted a high-level delegation from the Universal Postal Union (UPU) to discuss collaboration on Digital Postal Islamic Financial Services. The delegation included UPU representatives Ihab Zaghloul, Juan Moroni, and Hashim Elhaj, along with Farrukh Raza from Islamic Finance Advisory and Assurance Services (IFAAS).

Dr. Sami Al-Suwailem, Acting Director General of IsDBI, warmly received the UPU delegation and expressed the Institute’s willingness to work together in developing innovative financial solutions that align with the needs of IsDB member countries (MCs). The discussions centered on leveraging Islamic finance principles to enhance postal financial services and developing operational models that can serve customers in both urban and rural areas.

The UPU is keen to explore Islamic finance as a complementary business model for postal financial services, acknowledging its potential to enhance financial inclusion, diversify income avenues for postal operators, and provide ethical financial solutions to underserved populations. These aspirations align closely with the Digital Postal Islamic Financial Services Project, which aims to leverage postal networks and digital platforms to offer Shariah-compliant financial services, particularly in regions with limited access to traditional banking.

As a specialized agency of the United Nations, the Universal Postal Union (UPU) plays a key role in promoting international cooperation among postal operators and advancing the global postal sector in its 192 Member Countries. The Islamic Development Bank Institute (IsDBI), the knowledge and innovation arm of the Islamic Development Bank (IsDB), is committed to developing and promoting Islamic financial solutions that contribute to sustainable economic development in its 57 Member Countries.

The visit marks a significant step towards fostering a strategic partnership between IsDBI and UPU, with the aim of developing innovative, inclusive, and technology-driven financial solutions that will benefit postal operators and the communities they serve.

March 16, 2025
How banks can help customers achieve financial wellness in the new year

Each New Year, prioritizing one’s health ranks among the most popular resolutions. As we enter 2025, many are expanding their focus beyond physical fitness. This year, boosting financial fitness is becoming equally as important, with more people aiming to improve their financial well-being alongside their health goals.

Financial wellness, or the journey to achieve good financial health, has become a trending topic in banking. That’s because more people say finances are the biggest stressor in their lives, negatively impacting their sleep, personal relationships, and mental and physical health, according to a PwC Employee Financial Wellness Survey.

Consumers need more support to tackle their financial stress. Banks can provide this support through a range of products and services that build financial literacy and put their customers on the path to improved financial wellness in the New Year.

Why financial wellness matters now more than ever

Achieving financial wellness feels elusive for many people today for several reasons.

Bank of America research indicates about 50% of consumers have used a credit card to cover an emergency expense they otherwise couldn’t afford, while 3 in 5 consumers have less than $10,000 in liquid savings.

Current generations also may be falling behind. Gen Z, the oldest of whom are in their late 20s, focuses more on paying for current experiences than saving for the future. Today, only half of all children will earn more than their parents did. In 1940, 90% of children surpassed the economic success of their parents.

These trends indicate people may require more help throughout their financial journey. Consumers need trusted sources who empower them with knowledge to make more informed financial decisions. Many people’s financial journey often starts when they open a bank account or get their first debit card, so banks are well-positioned to offer guidance that improves their financial well-being.

Prioritizing customers’ financial wellness also benefits banks. Offering tools that address financial well-being can help build loyalty, reduce churn and boost lifetime value. Customers will be more likely to entrust the same bank to meet their future financial needs, such as getting a home or business loan or opening a college savings plan.

By providing tailored financial solutions, banks can reduce barriers to financial wellness for their customers today and generate long-term value that pays dividends for their business in the coming years.

Empowering customers with better financial wellness tools

Banks can offer a range of financial tools that address customers’ financial stress, including:

Digital tools

Mobile technology has become deeply embedded in daily life across all generations. Banks can provide integrated tools in their mobile banking apps that deliver personalized budgeting and investment advice based on a customer’s transaction history, profile and long-term financial goals. These digital tools can incorporate real-time insights and built-in tracking mechanisms that help customers chart their progress and make informed financial decisions that move them closer to achieving financial wellness.

For younger generations, mobile platforms can provide learning resources and gamified savings programs, while older generations can benefit from user-friendly apps that help simplify banking, bill payments and investment or expense tracking. This accessibility helps bridge gaps in financial literacy, offering tailored solutions for individuals at every stage of life.

Financial literacy programs

Mobile technology has revolutionized financial literacy programs by making them more accessible and interactive. Through apps, online courses and digital tools, individuals can learn about budgeting, saving, investing and managing debt at their own pace, anytime and anywhere. Banks can use these digital tools to help consumers navigate challenging financial situations by offering on-demand webinars, newsletters and personalized emails. They can also partner with accredited organizations to offer financial counseling sessions.

These resources can help customers learn about different financial topics, such as understanding their credit score, managing debt, or the difference between an individual retirement account (IRA) and 401(k). Banks can also offer education on savings plans such as tiered matching programs, where the percentage of matched contributions increases as customers save more consistently, or automated roundups that help customers save with little effort and gradually build their emergency fund or savings account for a future purchase, such as buying their first home.

The path to better financial health

Achieving financial wellness is both a journey and a destination. Many people struggle because they don’t have the right tools, resources or guidance to navigate this journey effectively. However, banks can step in to help fill this gap and provide financial education, digital tools, relevant products and services, and meaningful insights to help consumers attain financial peace that contributes to a healthier mind, body and spirit.

Learn more about the financial services industry and how Samsung solutions can help transform your business. Sign up for our newsletter, INSIGHTS: Banking, a monthly update from Samsung on banking and insurance trends and technology’s role in the financial services industry.

January 15, 2025
Building Tomorrow’s Financial Systems: Advances in Data Warehousing
The evolving landscape of financial reporting is being redefined by cutting-edge advancements in data warehousing. Technologies like real-time analytics and advanced data frameworks are transforming how financial institutions manage data, ensure compliance, and make decisions. Bharath Kumar Gaddam delves into these innovations, offering insights on their pivotal role in creating efficient, adaptive systems. His analysis paints a forward-looking view of how modern tools are shaping a dynamic, data-driven future for financial reporting.

Redefining Data Warehousing for Finance
Financial data warehousing has undergone a significant transformation, from basic storage systems to sophisticated platforms supporting real-time analytics and decision-making. Modern architectures incorporate features like real-time streaming and integration with unstructured data, enabling financial institutions to handle complex datasets effectively. This evolution ensures that organizations can adapt to increasing demands for timely and accurate financial reporting.

Core Components Driving Efficiency
At the heart of these systems are several architectural layers designed for specific purposes:
1. Data Sources: These include transactional systems and external feeds, acting as the initial data inputs.
2. Staging Areas: Temporary spaces for validation and transformation, ensuring data accuracy.
3. Core Data Warehouses: Centralized storage optimized for analytics and historical tracking.
4. Data Marts and Presentation Layers: Tailored for departmental analysis and user-friendly reporting tools.
Each component integrates seamlessly to streamline data flow, from ingestion to final presentation, ensuring both performance and scalability.

Bridging Data and Insights with Business Intelligence
The integration of business intelligence tools serves as a critical link between raw data and actionable insights, transforming vast datasets into meaningful outcomes. These tools facilitate dynamic reporting, enabling organizations to generate customized reports tailored to specific needs. Predictive analytics and scenario analysis further empower decision-makers by providing real-time dashboards that offer a comprehensive view of operations. Through the incorporation of machine learning algorithms, financial institutions can identify emerging trends, generate accurate forecasts, and convert data into a powerful strategic asset for competitive advantage.

Ensuring Compliance Through Innovation
Compliance with regulations is central to financial data warehousing. Robust governance frameworks ensure audit trails, data lineage, and secure storage, meeting legal standards while safeguarding sensitive information. Advanced features such as encryption, data masking, and real-time monitoring enhance security, enabling institutions to maintain compliance and build trust in their data management practices.

Innovations Enhancing Implementation
Modern data warehouses leverage several innovative approaches:
- Dimensional Modeling: Organizing data around central facts for efficient querying and analysis.
- ETL Optimization: Real-time processing ensures data consistency and timeliness.
- Hybrid Architectures: Combining traditional designs with flexible data lakes for greater adaptability.
These frameworks balance performance, analytical flexibility, and compliance, addressing the unique challenges of financial systems.

Overcoming Challenges in Scalability and Cost
While advancements are substantial, challenges persist. High implementation costs, complex integration, and maintaining data quality remain critical hurdles. To mitigate these, financial institutions are turning to scalable cloud-based architectures and automated governance tools, ensuring efficiency without compromising security.

Shaping the Future with Emerging Technologies
The future of financial data warehousing lies in integrating cutting-edge technologies:
- Artificial Intelligence: Enhances predictive analytics and data quality management.
- Blockchain: Improves data authenticity and auditability.
- Edge Computing: Facilitates real-time financial data processing closer to data sources.
These advancements promise more resilient and adaptive systems, capable of addressing rapidly evolving regulatory and operational landscapes.

In conclusion, Bharath Kumar Gaddam highlights the transformative potential of data warehousing in revolutionizing financial reporting. By embracing innovations such as real-time analytics, advanced security measures, and business intelligence integration, financial institutions can overcome traditional challenges while enhancing decision-making and regulatory adherence. These advancements not only streamline operations but also empower organizations to respond dynamically to evolving market demands. His work serves as a guide for creating robust, future-ready systems in the financial technology landscape.
January 6, 2025
SEBI has banned more than 15,000 sites and many financial influencers. Details Here

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