LIC Appoints Infosys for NextGen Digital Platform

The Life Insurance Corporation of India (LIC) has selected Infosys to develop its next-generation digital platform as part of its DIVE (Digital Innovation and Value Enhancement) programme. This new platform will serve as an integrated end-to-end solution, enhancing customer services, business lifecycle management, and operational activities for sales intermediaries, while also offering a digital front-end for branch employees.

Project Overview

Infosys has been chosen through a request for proposal (RFP) process to build this advanced digital insurance platform, marking a significant shift from LIC’s previous IT collaborations with Tata Consultancy Services (TCS) and Tech Mahindra. The financial details of the deal have not been disclosed. The collaboration is intended to underpin new high-value business applications, including customer and sales super apps, portals, and digital branches.

DIVE Programme and Objectives

The DIVE programme aims to revolutionize LIC’s digital infrastructure, transforming operations from customer onboarding to claims settlement. Siddhartha Mohanty, LIC’s managing director and CEO, emphasized that the partnership with Infosys will help LIC evolve into a technology-driven organization, enhancing its ability to offer 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 modular, cloud-native, and designed to adapt to emerging technologies and products. It is expected to provide superior customer service, streamline lifecycle management for sales intermediaries, and offer a robust digital interface for branch employees.

Financial Performance

In Q1 FY25, LIC reported a 9.61% increase in net profit, reaching Rs 10,461 crore, with a 15.66% rise in premium income to Rs 1.13 trillion. Individual premiums grew by 7.04% to Rs 67,192 crore, while group premiums surged by 30.87% year-on-year to Rs 46,578 crore. LIC’s shares closed at Rs 1,027.75 apiece on the BSE, marking a 0.60% decline.