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Infosys collaborates with LIC to accelerate digital transformation

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Last Updated : Sep 16 2024 | 12:31 PM IST

The IT major announced a collaboration with the Life Insurance Corporation of India (LIC) to spearhead its digital transformation initiative called DIVE (Digital Innovation and Value Enhancement).

As part of the collaboration, Infosys will enable the creation of a cutting-edge NextGen digital platform, which will focus on delivering seamless omnichannel engagement and data-driven hyper-personalized experiences to LICs customers, agents and employees.

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. The company will provide LIC with turnkey system integration services using AI capabilities from Infosys Topaz and DevSecOps services from Infosys Cobalt.

Infosys Cobalt is a set of services, solutions, and platforms for enterprises to accelerate their cloud journey, while Infosys Topaz, an AI-first offering suite, enhances Cobalt with generative AI capabilities.

In addition, firm will help establish the necessary infrastructure for digital transformation and ensure ongoing monitoring and maintenance once the platform is operational.

The NextGen Digital Platform will enable LIC realize the objectives of DIVE, which is to deliver best in class digital initiatives for all its stakeholders, customers, intermediaries and the marketing team. The platform will also serve as an open platform, enabling swift integration with FinTech companies and bancassurance partners.

Siddhartha Mohanty, CEO&MD of 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.

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Salil Parekh, CEO&MD of Infosys, said, 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.

LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country.

Infosys is a global leader in next-generation digital services and consulting.

Shares of Infosys shed 0.40% to Rs 1,936.60 while those shares of LIC declined 0.73% to Rs 1,026.45 on the BSE.

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First Published: Sep 16 2024 | 12:13 PM IST

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