CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Life Insurance Corporation of India (LIC) has chosen Infosys to create its next-generation digital platform as part of the DIVE (Digital Innovation and Value Enhancement) program. This new platform will function as an integrated end-to-end solution, improving customer service, business lifecycle management, and operational activities for sales intermediaries while also providing a digital front-end for branch staff.
Project Overview
Infosys was chosen through a request for proposal (RFP) procedure to construct this advanced digital insurance platform, which represents a considerable departure from LIC's prior IT engagements with Tata Consultancy Services (TCS) and Tech Mahindra. The financials of the transaction have not been disclosed. The alliance aims to support new high-value business applications such as customer and sales super apps, portals, and digital branches.
DIVE Programme And Objectives
The DIVE plan intends to transform LIC's digital infrastructure, from customer onboarding to claims settlement. Siddhartha Mohanty, LIC's managing director and CEO, stated that the partnership with Infosys will help the company evolve into a technology-driven organization, enhancing its ability to provide comprehensive life insurance solutions and meet the instant service expectations of today's digitally connected customers.
Platform Features And Benefits
The new platform will be flexible, cloud-native, and adaptable to evolving technologies and products. It is expected to improve customer service, simplify lifecycle management for sales intermediaries, and provide a strong digital interface for branch staff.
Financial Performance
In the first quarter of FY25, LIC recorded a 9.61% growth in net profit, reaching Rs 10,461 crore, while premium income increased by 15.66% to Rs 1.13 trillion. Individual premiums rose 7.04% to Rs 67,192 crore, while group premiums increased 30.87% year on year to Rs 46,578 crore. LIC's shares closed at Rs 1,027.75 per on the BSE, down 0.60%.
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