Infosys and LIC partner to drive digital transformation initiative

Infosys and LIC partner to drive digital transformation initiative | Insurance Business Asia

Insurance News

Infosys and LIC partner to drive digital transformation initiative

With hopes of creating a next-gen digital platform

Insurance News

By
Grant Funtila

Infosys has announced a collaboration with the Life Insurance Corporation of India (LIC) to drive its digital transformation initiative, DIVE (Digital Innovation and Value Enhancement). The partnership aims to create a next-generation digital platform designed to provide seamless omnichannel engagement and data-driven hyper-personalized experiences for LIC’s customers, agents, and employees.

Infosys was selected by LIC due to the former’s track record in managing large-scale digital transformation projects and its extensive knowledge in the banking, financial, and insurance sectors. Infosys will deliver turnkey system integration services using AI capabilities from Infosys Topaz and DevSecOps services from Infosys Cobalt. Infosys Cobalt is a suite of services, solutions, and platforms aimed at accelerating enterprises’ cloud journeys, while Infosys Topaz enhances Cobalt with generative AI capabilities. Additionally, Infosys will assist in setting up the infrastructure needed for this digital transformation and will manage ongoing monitoring and maintenance once the platform is operational.

The platform will allow LIC to achieve DIVE’s goal by delivering quality digital services to its stakeholders, which includes customers, intermediaries, and its marketing team. The platform will also function as an open platform, allowing for rapid integration with FinTech companies and Bancassurance partners.

“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 personalized 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,” said Shri Siddhartha Mohanty, CEO and managing director of LIC.

“LIC is a name that resonates across generations of Indians, and 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. Through this collaboration, we are confident that LIC will be uniquely positioned to offer unparalleled service and value to their stakeholders,” said Salil Parekh, CEO and managing director of Infosys.