LIC picks Infosys for building its NextGen digital platform

State-run life insurance giant Life Insurance Corporation of India (LIC) said on Monday that it has appointed Infosys to build its new state-of-art NextGen digital platform. The PSU said that as part of its digital transformation programme called Digital Innovation and Value Enhancement (DIVE), it aims to significantly boost its digital platform to provide a superior experience to its customers, field force, partners, and employees.

The NextGen digital platform will be an integrated end-to-end digital insurance solution to provide excellent services to its customers, business lifecycle management, and operational activities for sales intermediaries, and a digital front-end platform for branch employees, according to LIC. 

As part of the agreement, Infosys will provide LIC with turnkey system integration services using artificial intelligence (AI) capabilities from Infosys Topaz and DevSecOps services from Infosys Cobalt, which is a set of services, solutions, and platforms for enterprises to accelerate their Cloud journey. Infosys Topaz, an AI-first offering suite, enhances Cobalt with generative AI capabilities.

Infosys will also help establish the required infrastructure for digital transformation and ensure ongoing monitoring and maintenance once the platform is operational.

The NextGen Digital Platform will be modular, flexible, Cloud-native, and have platform-driven architecture capable of quickly adopting innovative technologies, new products, and features, said LIC.

The platform will form the foundation for building high-value business applications such as customer & sales super apps, portals, and digital branches for LIC.

“Our vision is to transform LIC into a technology enabled organisation providing life insurance solutions. We look forward to our partnership with Infosys in creating world class digital solutions and providing best-in-class experience for all our stakeholders including customers and sales intermediaries," said Siddhartha Mohanty, CEO and MD, LIC. 

“Today we are living in a digitally connected era where customers expect their needs to be met instantly whether during on-boarding or post sales service. Technology can help us generate greater insights about our customers and by leveraging India’s advanced digital ecosystem to help us serve better," said Mohanty. 

Both LIC and Infosys shares slipped into the red after a positive start to the day. 

At noon, Infosys shares were down 0.4 per cent at Rs 1,935.8 while LIC shares were down 0.6 per cent at Rs 1,027.7.

Siddhartha Mohanty, CEO and MD of LIC said, the collaboration with Infosys marks a significant milestone in the digital transformation journey of the life insurance company.

"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," Mohanty said.

LIC is a name that resonates across generations of Indians, said Infosys CEO and MD Salil Parekh. 

"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," Parekh added.

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