Amazon Quiz (October 17, 2021): Which company recently launched the Ananda mobile app for agents and intermediaries?

A. Kotak Mahindra Bank

B. LIC

C. Axis Bank

D. ICICI Bank

Answer: LIC. 

The Life Insurance Company launched the Ananda mobile application on August 27 this year for their agents and intermediaries. Ananda stands for ‘Atma Nirbhar Agents New Business Digital Application’.

“Atma Nirbhar Agents New Business Digital Application, the digital paperless solution for new business processes in LIC has now been provided a new dimension with the launch of Ananda mobile app,” LIC said in a statement. 

The app is built on paperless KYC process and uses Aadhaar-based e-authentication process. The application is a tool for the on-boarding process to get the life insurance policy through a paperless module with the help of the agent or intermediary, the company added. 

Meanwhile, LIC, which operates under the Ministry of Finance, was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act, nationalising the insurance industry in India.

Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation of India.

As of 2019, the company had an estimated total life fund of Rs 28.3 trillion, with the total value of sold policies in the year 2018–19 roughly around Rs 21.4 million. Life Insurance Corporation of India settled 26 million claims in 2018–19. It has over 290 million policy holders.

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