Infosys was selected by LIC for its extensive experience in executing large-scale digital transformation projects and its deep expertise in the banking, financial and insurance sectors.
Infosys will leverage its AI capabilities from Infosys Topaz and cloud services from Infosys Cobalt to enhance LIC's operational efficiency and customer experience. This initiative marks a significant milestone in LIC's digital journey, aiming to provide innovative and improved offerings to its vast customer base.
LIC’s new NextGen Digital Platform will also serve as an open platform, enabling swift integration with FinTech companies and Bancassurance partners.
Leveraging AI and data analytics, LIC aims to offer personalized services and products tailored to individual customer needs. By implementing Robotic Process Automation (RPA) and advanced data analytics, LIC is streamlining its processes, reducing manual effort, and improving overall efficiency.
Shri Siddhartha Mohanty, CEO & MD, LIC, said, “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.”
Salil Parekh, CEO & MD, Infosys, said, “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.”
Infosys has been involved in several notable projects within the insurance sector, leveraging its expertise in digital transformation and advanced technologies.
Infosys partnered with AXA XL to enhance their digital capabilities, focusing on improving customer experience and operational efficiency through AI and data analytics. Infosys worked with Prudential to modernize their IT infrastructure, implementing cloud solutions and advanced cybersecurity measures to ensure data protection and compliance.
Besides, Infosys collaborated with MetLife to develop a digital platform that integrates various customer touchpoints, providing a seamless and personalized experience for policyholders.
Infosys also assisted Swiss Re in implementing blockchain technology to streamline reinsurance processes, ensuring transparency and reducing administrative overhead.
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