IT services giant Infosys has announced a strategic collaboration with the Life Insurance Corporation (LIC) of India. This partnership, announced on September 16, is set to revolutionize LIC's digital landscape, marking a significant milestone in its digital transformation journey. Infosys will lead LIC's digital transformation initiative, aptly named DIVE (Digital Innovation and Value Enhancement). This initiative aims to create the 'NextGen Digital Platform', a cutting-edge platform designed to deliver seamless omni-channel engagement and data-driven hyper-personalised experiences to LIC's vast customer base, agents, and employees.
Siddhartha Mohanty, CEO and MD of LIC, expressed his optimism about the collaboration, stating, 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 personalised experiences. We are committed to leveraging the latest technologies that Infosys has to offer."
Infosys will provide LIC with turnkey system integration services, leveraging AI capabilities from Infosys Topaz and DevSecOps services from Infosys Cobalt. Infosys Cobalt is a comprehensive set of services, solutions, and platforms designed to accelerate enterprises' cloud journey. On the other hand, Infosys Topaz, an AI-first offering suite, enhances Cobalt with generative AI (GenAI) capabilities.
Salil Parekh, CEO and MD of Infosys, highlighted the company's extensive experience in digital transformation initiatives and prowess in AI and Cloud. He said, "We aim to equip LIC with a robust digital infrastructure that will deliver superior customer engagement, enhance operational efficiency and enable rapid market responsiveness". He further added, "Through this collaboration, we are confident that LIC will be uniquely positioned to offer unparalleled service and value to their stakeholders."
The 'NextGen Digital Platform' will also serve as an open platform, enabling swift integration with fintech companies and Bancassurance partners. This strategic move is expected to further strengthen LIC's position in the market, making it more competitive and responsive to market changes.
In addition to the digital transformation, LIC has also reported a significant surge in its new business premium. In August, LIC saw a 35.1 per cent increase in its new business premium to Rs 19,309.10 crore, up from Rs 14,292.53 crore in the same month last year. For the first five months of fiscal year 2025, LIC's individual premium segment accrued Rs 22,396.28 crore, marking an 11.75 per cent growth from Rs 20,041.36 crore during the same period in fiscal year 2024.
