Life Insurance Corporation of India selects Infosys to digitise its platform

By Gloria Mathias

Infosys, a global next-generation digital services and consulting firm, has announced its collaboration with the Life Insurance Corporation of India (LIC) to spearhead its digital transformation initiative, DIVE (Digital Innovation and Value Enhancement).

As part of the collaboration, Infosys will enable the creation of a next-gen digital platform, which will focus on delivering seamless omnichannel engagement and data-driven hyper-personalised experiences to LIC’s customers, agents, and employees. LIC selected Infosys for its extensive experience in executing large-scale digital transformation projects and its deep expertise in the banking, financial, and insurance sectors.

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. At the same time, Infosys Topaz, an AI-first offering suite, enhances Cobalt with generative AI capabilities.

In addition, Infosys will help establish the necessary infrastructure for digital transformation and ensure ongoing monitoring and maintenance once the platform is operational. The NextGen Digital Platform will enable LIC to realise the objectives of  DIVE, which is to deliver digital initiatives for all its stakeholders, customers, intermediaries, and the marketing team. The platform will also serve as an open platform, enabling swift integration with FinTech companies and Bancassurance partners.

Siddhartha Mohanty, CEO and MD of LIC said, “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.”

Salil Parekh, CEO & MD, Infosys, said, “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.”