India's largest life insurer LIC has appointed Infosys to drive its digital transformation, and to enable a end-to-end digital insurance solution as well as the back-end for branch employees.
"Our vision is to transform LIC into a technology enabled organisation providing life insurance solutions," said CEO and MD of LIC, Siddhartha Mohanty. "Technology can help us
generate greater insights about our customers and by leveraging India’s advanced digital
eco-system to help us serve better," Mohanty added.
Under the Digital Innovation and Value Enhancement (DIVE), LIC aims to 'significantly boost' its digital platform to improve experience for customers, partners and employees.
Called the NextGen Digital Platform, LIC's ramped up digital offering will be 'cloud-native and have platform-driven architecture', it said, aiming to adopt new technologies, products and features.
CEO & MD of Infosys, Salil Parekh said, “By leveraging Infosys’ extensive experience in digital transformation initiatives and prowess in AI and Cloud, we aim to equip LIC with a robust digital infrastructure that will deliver superior customer engagement, enhance operational efficiency and enable rapid market responsiveness.” Infosys aims to offer 'data-driven hyper-personalized experiences' to LIC’s customers, agents and employees, it said.
The insurer is looking at the platform as a foundation for building 'high-value business applications such as the Customer and Sales Super Apps, Portals and Digital Branch for LIC'.
The insurer has registered a sharp increase in the Q1FY25 market share to 64.02% from 58.87%
for FY24. A year ago, LIC had a market share of 61.42% in Q1FY24. LIC is aiming to optimize its product mix and improve margins, and the ongoing digital transformation will create a seamless experience, LIC had said during its Q1 earnings call.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
