State-owned Life Insurance Corporation of India (LIC) has earmarked Rs 600 crore for comprehensive digital transformation and seeks to go paperless in the next two years, as part of a larger customer experience and operations streamlining strategy.
The chief risk officer at the LIC, Sunder Krishnan, announced that the company has engaged a system integrator for over Rs 400 crore, along with the Rs 100 crore available as a digital transformation consultancy and agency transformation. The occurrence was that of Bengal Chamber of Commerce and Industry in Mumbai.
Besides that, the company has engaged with Infosys-one of the world’s leading tech giants-to develop its next-generation digital platform, which will be the foundation for high-value applications, including customer and sales apps, digital branches, as well as improved online portals. Part of the company’s “Digital Innovation and Value Enhancement” or DIVE program, upgrades will bring up-to-date versions of the digital capabilities of the insurer into better service. It shall also lead to an enhanced experience of the agent, partner, as well as the employee.
The change process has been entrusted to Boston Consulting Group consultancy firm. The DIVE program has already been rolled out across all stages of the value chain-from customer onboarding to claims settlement-and is expected to enhance the operations of LIC with best-in-class sales and customer servicing experience.
A inflection point: LIC is competing against a better nuanced, better equipped-newer insurance companies, including the younger who are fighting on a better, more digitally enabled demographics. “Ease of use and convenience is high on the agenda for the young generation. The LIC has lost in competition to those who can provide such a seamless digital experience,” said Vivek Iyer, Partner at Grant Thornton Bharat.
It is also investing in its ‘Jeevan Samarth,’ an agency transformation project, that would, therefore, enable the company to better meet the evolving needs of its customers and strengthen the relationship between the agent and the policyholder.
