IT player Infosys has secured a deal with the Life Insurance Corporation of India (LIC) to spearhead its digital transformation initiative, DIVE (Digital Innovation and Value Enhancement).
The partnership will see Infosys develop and implement a NextGen Digital Platform aimed at revolutionising LIC’s operations by delivering seamless omnichannel engagement and hyper-personalised experiences for its customers, agents and employees.
India’s largest life insurance company chose Infosys for its proven track record in executing large-scale digital transformation projects, particularly within the banking, financial and insurance sectors, as per a release.
“Our collaboration with Infosys marks a significant milestone in our digital transformation journey. 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, including Cloud and Enterprise AI, to drive innovation and improve our offerings,” said Siddhartha Mohanty, CEO & MD, LIC.
The collaboration will involve Infosys providing comprehensive system integration services, supported by its AI-powered suite, Infosys Topaz and cloud services platform, Infosys Cobalt. The new platform is expected to enhance LIC’s operational efficiency, improve customer engagement and ensure rapid adaptability to market changes.
The platform will serve as an open system, enabling swift integration with FinTech companies and Bancassurance partners, further expanding LIC’s digital reach. With Infosys’ expertise, LIC aims to offer cutting-edge digital services that cater to the needs of its vast customer base, while also improving internal processes for its agents and marketing teams.
“LIC is a name that resonates across generations of Indians and we are delighted to collaborate on their transformation journey. 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. Through this collaboration, we are confident that LIC will be uniquely positioned to offer unparalleled service and value to their stakeholders,” said Salil Parekh, CEO & MD, Infosys.
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