 "LIC allocates Rs 600 crore for a bold digital transformation, aiming for a paperless future amid fierce market competition.")
Life Insurance Corporation of India (LIC) is investing Rs 600 crore in its digital transformation to become fully paperless within two years. At a recent event in Mumbai, Chief Risk Officer Sunder Krishnan shared details about the investment, which includes hiring a system integrator and consultants for various aspects of the transformation. LIC has partnered with Infosys to create a next-gen digital platform, enhancing customer and sales applications. This initiative, called Digital Innovation and Value Enhancement (DIVE), aims to improve operations from customer onboarding to claims processing. Experts note that as younger customers seek smoother experiences, these upgrades are vital for LIC to remain competitive in the evolving insurance landscape.
Life Insurance Corporation of India (LIC) is making significant strides in its digital transformation journey, committing Rs 600 crore to this initiative. Sunder Krishnan, LIC’s chief risk officer, announced this ambitious investment during an event in Mumbai. The goal is to attain a completely paperless operation within two years.
To achieve this, LIC has already partnered with a large system integrator, allocating over Rs 400 crore for the digital upgrade, along with Rs 100 crore each for consultancy and agency transformation. LIC’s approach includes working with tech giant Infosys to create its next-generation digital platform, which will support various customer-centric applications and services.
This digital transformation, dubbed Digital Innovation and Value Enhancement (DIVE), is designed to streamline LIC’s operations, enhancing customer experiences from onboarding to claims processing. Experts have pointed out that in today’s rapidly changing Market, especially with younger customers looking for seamless experiences, this initiative is crucial. Many feel that despite having the largest Market share, LIC risks losing customers to more agile competitors.
In addition to DIVE, LIC is launching the ‘Jeevan Samarth’ project aimed at strengthening the relationship between agents and customers. With consultancy assistance from A T Kearney, this project seeks to adapt to the evolving needs of customers effectively.
Overall, LIC is positioning itself to bridge the technological gap between itself and private sector players, ensuring a competitive edge in the insurance Market.
Tags: LIC, digital transformation, insurance, customer experience, technology, Infosys, Jeevan Samarth, Digital Innovation and Value Enhancement, DIVE.
What is LIC’s recent investment for?
LIC has committed Rs 600 crore to improve its digital technology and services.
Why is LIC focusing on digital transformation?
LIC wants to make its services faster, easier, and more convenient for customers using technology.
How will this investment benefit LIC customers?
Customers will enjoy better online services, quicker responses, and enhanced overall experience.
When will the changes from this investment be seen?
LIC aims to implement these digital improvements over the next few years, so customers will gradually see updates.
Is this investment part of a larger strategy?
Yes, it is part of LIC’s plan to modernize and stay competitive in the changing insurance Market.
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