“Infosys… today announced a partnership with Life Insurance Corporation of India (LIC), India’s largest life insurance company, to spearhead a digital transformation program called DIVE (Digital Innovation and Value Enhancement),” the company said in a statement .
“Infosys was selected by LIC due to its extensive experience in executing large-scale digital transformation projects and deep expertise in the banking, finance and insurance sectors,” it added.
What LIC will be offered by Infosys
Infosys will provide LIC with a suite of system integration services that will leverage artificial intelligence capabilities provided by Infosys Topaz and DevSecOps services available in Infosys Cobalt.
Launched in August 2020, Infosys Cobalt is a suite of solutions designed to help enterprises transition to the cloud faster. Launched in May 2023, Infosys Topaz enhances the capabilities of Cobalt by integrating generative AI.
In addition to these services, Infosys will also assist in setting up the infrastructure required to support LIC’s digital transformation. They will also be responsible for ongoing monitoring and maintenance once the next-generation digital platform is up and running.
The NextGen digital platform is designed to help LIC achieve its DIVE goals and aims to provide a digital experience for every participant, from customers to intermediaries to marketing teams, the company said.
The platform’s open architecture will also enable LIC to seamlessly integrate with fintech companies and bancassurance partners, thereby expanding its reach and capabilities in the digital space.
Salil Parekh, CEO and Managing Director, Infosys said, “By leveraging Infosys’ rich experience in digital transformation initiatives and capabilities in artificial intelligence and cloud, we aim to equip LIC with a robust digital infrastructure to deliver superior improve customer engagement, improve operational efficiency and achieve rapid market response.
LIC CEO and Managing Director Siddhartha Mohanty said the partnership with Infosys marks an important milestone in the life insurance company’s digital transformation journey.
