State-owned Life Insurance Corporation (LIC) has taken a significant step toward digital transformation by partnering with tech giant Infosys.
The collaboration aims to develop a cutting-edge NextGen digital platform as part of LIC’s DIVE (Digital Innovation and Value Enhancement) program.
This move underscores LIC’s commitment to providing world-class services to its customers, agents, and employees.
Infosys and LIC Partnership: The NextGen Digital Platform
LIC’s NextGen digital platform will serve as the backbone for high-value business applications. It will enable seamless interactions across channels, enhance customer experiences, and streamline operational processes.
The platform will encompass end-to-end digital insurance solutions, including customer-facing interfaces, sales intermediaries’ tools, and operational management systems.
Modularity and Flexibility: The platform will be modular, allowing for easy integration of new technologies and features. It will adapt to changing business needs.
Cloud-Native Architecture: Built for scalability and resilience, the platform will leverage cloud infrastructure.
Platform-Driven Approach: A well-architected foundation that supports innovation and rapid development.
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Infosys and Lic Stakeholders’ Benefits and a Vision for Transformation
LIC aims to provide an exceptional digital experience for policyholders. From purchasing policies to claims processing, the platform will simplify interactions.
The platform will empower agents with tools for efficient lead management, customer engagement, and sales tracking. A user-friendly front-end interface will enhance branch operations and customer service.
Siddhartha Mohanty, MD & CEO of LIC, expressed the vision behind this collaboration: “Our goal is to transform LIC into a technology-enabled organization that delivers life insurance solutions effectively.”
The partnership with Infosys aligns with this vision, promising innovation and excellence.
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Financial Snapshot
In Q1FY25, LIC reported robust financial performance, with a 9.61% YoY increase in net profit, reaching Rs 10,461 crore. Premium income surged to Rs 1.13 trillion, driven by growth in both individual and group premiums.
LIC’s commitment to technological advancement positions it well for sustained success. This collaboration is about empowering people and ensuring a brighter financial future for millions.
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