LIC has appointed Infosys to build its state-of-the-art NextGen Digital platform.
(Photo: Shutterstock)2 min read Last Updated : Sep 16 2024 | 10:47 AM ISTState-owned Life Insurance Corporation (LIC) announced on Monday that it has roped in tech giant Infosys to develop its next-generation digital platform.
The move is part of the life insurers digital transformation program called DIVE -- Digital Innovation and Value Enhancement.LIC expects this digital platform to be the foundation for building high-value business applications such as the customer and sales super apps, portals and digital branch of LIC.LIC has appointed Infosys to build its state-of-art NextGen Digital platform which will be 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, LIC said in an exchange notification.According to LIC, the next generation digital platform will be modular, flexible, cloud native, and will have platform-driven architecture, which will be capable of adopting innovative technologies, new products and features.Our vision is to transform LIC into a technology enabled organisation providing life insurance solutions, said Siddhartha Mohanty, MD - CEO, LIC, adding that LIC is looking forward to its partnership with Infosys in creating world class digital solutions and providing best in class experience for its stakeholders including customers and sales intermediaries.In the first quarter of financial year 2025 (Q1FY25), LIC reported a 9.61 per cent year-on-year (Y-o-Y) rise in its net profit to Rs 10,461 crore on the back of healthy growth in group business premiums.
The insurance behemoth reported a premium income of Rs 1.13 trillion in Q1FY25, up 15.66 per cent Y-o-Y compared to the corresponding period a year ago, with individual premiums growing by 7.04 per cent Y-o-Y to Rs 67,192 crore, and group premiums growing by 30.87 per cent Y-o-Y to Rs 46,578 crore.LIC shares were trading at Rs 1,030.20, down 0.37 per cent on the BSE on Monday morning.First Published: Sep 16 2024 | 10:47 AMIST