Life Insurance Corporation (LIC), India’s largest insurance provider, has teamed up with tech giant Infosys to develop a new digital platform that will serve as the backbone for its future high-value digital services. This partnership marks an important step in LIC’s strategy to enhance its digital presence and improve customer experience. However, the financial details of the deal have not been disclosed.
Infosys Wins the Bid
A senior executive at LIC mentioned that Infosys secured this project through a competitive request for proposal (RFP) process, though the names of other bidders were not revealed. Previously, LIC had relied on IT services from other industry leaders, including Tata Consultancy Services (TCS) and Tech Mahindra. The selection of Infosys is a strategic move aimed at supporting LIC’s long-term vision of digital transformation.
LIC’s Digital Transformation Initiative: DIVE
This collaboration with Infosys is a key part of LIC’s broader digital strategy, known as DIVE (Digital Innovation and Value Enhancement). The goal of the DIVE initiative is to modernize LIC’s digital infrastructure, making it easier for customers, sales partners, and employees to interact with the insurance giant. The initiative is expected to bring major improvements across all areas of LIC’s operations, from customer onboarding to claims settlement, creating a seamless experience for everyone involved.
CEO’s Vision for a Technology-Driven LIC
Siddhartha Mohanty, LIC’s Managing Director and CEO, stated that the company aims to become a technology-driven organization that offers comprehensive life insurance solutions. He highlighted that in today’s digital world, customers expect fast and efficient service, and investing in advanced technology will allow LIC to better understand and meet the needs of its customers.
“We are excited about our partnership with Infosys, which will help us create world-class digital solutions and deliver the best experience to our stakeholders, including customers and sales intermediaries,” Mohanty said.
Features of the New Digital Platform
The new platform that Infosys will develop is designed to be a modular, cloud-based solution. It will not only serve LIC’s customers with faster and more efficient service but will also support sales intermediaries in managing the entire insurance lifecycle. Additionally, branch employees will benefit from a digital interface that will streamline internal processes and enable better service delivery. The platform will be capable of evolving with new technologies and products as they emerge, ensuring LIC stays at the forefront of the digital insurance landscape.
Strong Financial Performance in Q1 FY25
In the first quarter of FY25, LIC reported impressive financial results. The insurer posted a 9.61% increase in net profit, reaching Rs 10,461 crore, largely due to significant growth in its group business premiums. During this period, LIC’s total premium income rose by 15.66% year-on-year to Rs 1.13 trillion. Individual premiums grew by 7.04% to Rs 67,192 crore, while group premiums saw a surge of 30.87%, reaching Rs 46,578 crore.
