Infosys to boost LIC’s digital transformation journey

• 16 Sep 2024
• TM Team
• 0 Comments

IT services major  Infosys announced a collaboration with the Life Insurance Corporation (LIC) of India to further enhance its digital transformation.

As part of the collaboration, Infosys will spearhead LIC’s digital transformation initiative called DIVE (Digital Innovation and Value Enhancement), enabling the creation of the ‘NextGen Digital Platform’, which will focus on delivering seamless omni-channel engagement and data-driven hyper-personalised experiences to LIC’s customers, agents and employees.

“It will not only enhance our operational capabilities, but also enable us to cater to our vast customer, agent and employee base with newer, more personalised experiences. We are committed to leveraging the latest technologies that Infosys has to offer,” said Siddhartha Mohanty, CEO and MD, LIC.

Infosys will provide LIC with turnkey system integration services using AI capabilities from Infosys Topaz and DevSecOps services from Infosys Cobalt.

Infosys Cobalt is a set of services, solutions, and platforms for enterprises to accelerate their cloud journey, while Infosys Topaz, an AI-first offering suite, enhances Cobalt with generative AI (GenAI) capabilities.

Salil Parekh, CEO and MD, Infosys, said that by leveraging their 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”.

Through this collaboration, “we are confident that LIC will be uniquely positioned to offer unparalleled service and value to their stakeholders,” said Parekh.

The ‘NextGen Digital Platform’ will will also serve as an open platform, enabling swift integration with fintech companies and Bancassurance partners.

“Our collaboration with Infosys marks a significant milestone in our digital transformation journey,” said Mohanty.

Meanwhile, LIC saw a 35.1 per cent surge in its new business premium for the month of August to Rs 19,309.10 crore, from Rs 14,292.53 crore in the same month last year.

For the first five months of fiscal year 2025, LIC’s individual premium segment accrued Rs 22,396.28 crore, marking an 11.75 per cent growth from Rs 20,041.36 crore during the same period in fiscal year 2024.