LIC will take forward its digital transformation initiative called DIVE.
The country’s largest life insurance company, Life Insurance Corporation (LIC), has chosen Infosys to advance its digital transformation by adopting its next level digital platform. The IT services company gave this information on Monday. According to the news of Bhasha, under this initiative, the focus will be on better experiences and data based personalization for customers, agents and employees. However, the company did not disclose the amount of this deal.
Customers, agents and employees will have a new experience
According to the news, a statement said that Infosys on Monday announced its collaboration with India’s largest life insurance company Life Insurance Corporation of India to advance its digital transformation initiative called LIC DIVE (Digital Innovation and Value Enhancement). According to the news, under the deal, Infosys will build a next-generation digital platform, which will focus on providing better engagement and data-based personalization experience for LIC’s customers, agents and employees. The statement said that LIC chose Infosys due to its deep expertise and experience in banking, financial and insurance sectors.
According to Moneycontrol, LIC MD and CEO Siddharth Mohanty said that our vision is to transform LIC into a technology enabled organization providing life insurance solutions. He said that LIC looks forward to its partnership with Infosys in creating world-class digital solutions and providing the best experience to its stakeholders including customers and sales intermediaries.
Rapid growth in market share
LIC has registered a sharp increase in market share from 58.87% to 64.02% in Q1FY25. A year ago, LIC’s market share was 61.42% in Q1FY24. LIC is aiming to optimize its product mix and improve margins, and the ongoing digital transformation will create a seamless experience.
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