LIC appoints Infosys to build its NextGen Digital Platform

Life Insurance Corporation (LIC) announced on Monday that it has appointed Infosys to lead its digital transformation through a NextGen Digital Platform. This initiative will focus on providing omnichannel experiences and data-driven hyper-personalization for customers, agents, and employees. The company did not disclose the deal's financial details.

“LIC has appointed Infosys to build its new state-of-art NextGen Digital Platform which 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 digital front-end platform for branch employees,” the company said in a release.

Under DIVE, LIC aims to significantly boost its digital platform with an aim to provide superior experience to its customers, field force, partners and employees, the company said.

“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 & MD, LIC.

What is NextGen Platform?

The NextGen Digital Platform will be modular, flexible, cloud-native, and have platform driven architecture which will be capable of quickly adopting innovative technologies, new products and features. This platform will form the foundation for building high value business applications such as the Customer & Sales Super Apps, Portals and Digital Branch for LIC.

Highlighting on the need for digital transformation, Mohanty added, “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 eco-system to help us serve better.”

Infosys will deliver turnkey system integration services to LIC, utilizing AI capabilities from Infosys Topaz and DevSecOps services from Infosys Cobalt.

Infosys Cobalt comprises a suite of services, solutions, and platforms designed to expedite enterprises' cloud journeys, while Infosys Topaz enhances Cobalt with generative AI functionalities.

Additionally, Infosys will assist in establishing the necessary infrastructure for digital transformation and will provide ongoing monitoring and maintenance once the platform is operational.