Infosys to Accelerate LIC’s Digital Transformation
Infosys has announced a strategic partnership with the Life Insurance Corporation (LIC) of India to advance LIC’s digital transformation efforts.
Under this collaboration, Infosys will lead LIC’s DIVE (Digital Innovation and Value Enhancement) initiative, which aims to develop a ‘NextGen Digital Platform’. This platform will enhance omni-channel engagement and offer data-driven, hyper-personalized experiences for LIC’s customers, agents, and employees.
Siddhartha Mohanty, CEO and MD of LIC, stated, “This initiative will boost our operational capabilities and provide more personalized experiences for our extensive base of customers, agents, and employees. We are eager to utilize the latest technologies provided by Infosys.”
Infosys will deliver end-to-end system integration services, utilizing AI capabilities from Infosys Topaz and DevSecOps services from Infosys Cobalt. Infosys Cobalt offers a suite of cloud services, while Infosys Topaz integrates generative AI (GenAI) to enhance these services.
Salil Parekh, CEO and MD of Infosys, emphasized, “With our deep expertise in digital transformation, AI, and cloud technologies, we aim to equip LIC with a robust digital framework that enhances customer engagement, boosts operational efficiency, and ensures swift market adaptability.”
The ‘NextGen Digital Platform’ will also be an open system, facilitating integration with fintech companies and Bancassurance partners.
Mohanty added, “Our partnership with Infosys represents a major step forward in our digital transformation journey.”
In related news, LIC reported a 35.1% increase in new business premiums for August, reaching ₹19,309.10 crore, up from ₹14,292.53 crore the previous year. For the first five months of fiscal year 2025, LIC’s individual premium segment earned ₹22,396.28 crore, marking an 11.75% growth compared to ₹20,041.36 crore during the same period in fiscal year 2024.
