Chandigarh: State-owned insurance behemoth LIC requires extensive data and IT solutions to make most of its operations digital so that it can process 1.1 lakh transactions and 60,000 claims a day, said Sarita Garg, CIO of LIC.
Speaking at the C4IO 2018 conference in Chandigarh on Friday, Garg said the insurance giant was one of the first Indian companies to tap the potential of IT by introducing data warehouse to India. On the consumer end, LIC allows policy-holders to operate their portfolios from mobile phones and laptops and pay premiums online.
Almost all banks and insurance companies have embraced digital services to keep costs low and improve margins. This helps them cut paperwork and maintain data systematically. For clients, digital financial services are an immense convenience as the can pay for every service right from home.
“When you are dealing with such a huge number of policies, complaints are bound to arise. We discovered there are several sources of complaints, and the Integrated Complaint Management System (ICMS) segregates them to determine if they are coming from our branches, through emails or physical copies. The ICMS is continuously monitored, which makes sure branches react in a maximum three days’ time. The information is then uploaded to a higher office and once the complaint has been resolved, the customer is informed and the feedback is gathered," Garg pointed out.
LIC also has plans for automating its operations, but its approach is different from that of banks. “Insurance is very different from banking. We have to be cautious while digitally empowering agents. But at the same time, things need to be automated to an extent. There are times when it is important to distinguish what can be automated and what requires the human touch," Garg said.