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Insurance
19-Sep-24
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LIC allocates Rs 600 crore for digital transform; to be 'Paperless' in 2 years
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State-run Insurance giant Life Insurance Corporation of India (LIC) has earmarked Rs 600 crore for its digital transformation journey. The insurance giant is also aiming to become completely "paperless" in two years.
Sunder Krishnan, chief risk officer, in an event organised by the Bengal Chamber of Commerce and Industry in Mumbai on Wednesday said “In two years' time, LIC will be paperless. For this, We have hired a large system integrator for more than Rs 400 crore, a consultant for digital transformation for Rs 100 crore, and Rs 100 crore for agency transformation. In total, Rs 600 crore is being spent on digital transformation.”
According to Krishnan, the estimated cost of going paperless is around Rs 1,000 crore. LIC's total technology cost is 10-15% of its total expenses.
Earlier this week, the life insurer said it has collaboration with tech giant Infosys to build its next-generation digital platform, which will lay the foundation for building high-value business applications including customer and sales super apps, portals and digital branches.
This is part of the life insurer’s digital transformation programme - Digital Innovation and Value Enhancement (DIVE). The programme is aimed at strengthening the insurance company’s digital platform in order to provide superior experience to all its stakeholders, customers, intermediaries, field forces, partners and employees.
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.”
In its 2023-24 annual report, LIC said DIVE is already in progress, and it is expected to transform the company’s operations across value chain — from customer onboarding to claims settlement – and provide a “best-in-class” experience for both sales and customer service.
According to experts, the digital transformation initiative of the LIC will enhance customer experience.
Separately, LIC has appointed Boston Consulting Group as a consultant.
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