LIC and Infosys Join Forces for Omnichannel Engagement
Life Insurance Corporation of India (LIC), the country’s leading insurance company, has signed an agreement with Infosys to develop a cutting-edge digital platform aimed at delivering “omnichannel engagement and data-driven hyper-personalised experiences” for its customers, agents, and employees. Infosys was selected for this project due to its extensive experience in large-scale digital transformation initiatives and its expertise in the banking, financial, and insurance sectors.
Key Highlights:
- Infosys will deliver turnkey system integration services, utilizing advanced AI capabilities from Infosys Topaz and DevSecOps services through Infosys Cobalt.
- The platform will not only transform LIC’s digital experience but also integrate seamlessly with FinTech companies and Bancassurance partners.
- Infosys Cobalt, known for accelerating cloud journeys, and Infosys Topaz, an AI-first offering, will be integral to the project’s success.
- The platform is expected to enhance LIC’s ability to deliver personalized experiences to its vast customer base.
A Strategic Move Towards Innovation
Siddhartha Mohanty, CEO & MD of LIC, stated, “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.” He added that the new platform would enable LIC to offer enhanced and personalized services to its wide range of stakeholders.
Infosys CEO Salil Parekh highlighted the role of digital transformation, emphasizing that this partnership would equip LIC with the necessary infrastructure to deliver “unparalleled service” to its customers and agents.
LIC’s Financial Performance in Q1 FY25
LIC continues to show strong financial performance, reporting a 9.61% rise in profit for the quarter ending June 30, 2024, amounting to ₹10,461 crore compared to ₹9,544 crore in the same quarter the previous year. LIC’s total premium income grew by 15.66% year-on-year, reaching ₹1,13,770 crore in Q1 FY25. Furthermore, LIC’s market share in individual business stood at 39.27%, and in group business, it maintained a dominant 76.59%. LIC’s Assets Under Management (AUM) also saw a year-on-year increase of 16.22%, growing to ₹53,58,781 crore.
Infosys’ Solid Financial Growth
Infosys also reported positive growth for the quarter, with a 7.1% year-on-year rise in net profit, reaching ₹6,368 crore. The company’s revenue surged by 3.6% to ₹39,315 crore, while its operating margin improved to 21.1%. Despite this growth, Infosys shares were trading 0.14% down at ₹1,941.55 on the BSE, and LIC shares were down 0.63% at ₹1,027.45 as of late trading hours.
Summary:
LIC’s partnership with Infosys marks a significant step in its digital transformation journey, aiming to provide seamless, hyper-personalized experiences for customers and agents. With strong financial performances from both companies, this collaboration is expected to further solidify their positions as industry leaders in their respective sectors.
