LIC ropes in Infosys to create new platform for digital insurance solutions

Insurance behemoth Life Insurance Corporation of India (LIC) has roped in tech major Infosys to create a new digital platform for "omnichannel engagement and data-driven hyper-personalised experiences" for its customers, agents and employees.

Infosys was selected for its extensive experience in executing large-scale digital transformation projects and its deep expertise in the banking, financial and insurance sectors, says LIC.

As part of the agreement, Infosys will provide LIC with "turnkey system integration services", using AI capabilities from Infosys Topaz and DevSecOps services from Infosys Cobalt. Infosys will also help set up the necessary infrastructure for digital transformation and ensure ongoing monitoring and maintenance as the platform is operational.

LIC’s digital platform will also serve as an open platform, enabling swift integration with FinTech companies and Bancassurance partners.

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

Siddhartha Mohanty, CEO & MD, LIC, says the new platform will enable LIC to cater to a vast customer, agent and employee base with more personalised 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.”

Infosys CEO Salil Parekh says Infosys will equip LIC with a robust digital infrastructure, which will position it to offer “unparalleled service” and value to stakeholders.

LIC's profit for the quarter ending June 30, 2024, was ₹10,461 crore compared to ₹9,544 crore for the quarter ending June 30th, 2023, up 9.61%. For the quarter that ended June 30th, 2024, LIC had a market share of 39.27% in individual business and 76.59% in group business. LIC's total premium income for Q1 FY25 was ₹1,13,770 crore vs ₹98,363 crore in the year-ago period, up 15.66%. The Assets Under Management (AUM) increased to ₹53,58,781 crore in Q1 FY25 vs ₹46,11,067 crore on June 30th, 2023, registering an increase of 16.22% year on year.

India's second biggest IT company Infosys reported a 7.1% year-on-year rise in its net profit at ₹6,368 crore vs ₹5,945 crore in the corresponding quarter last year. The company's revenue surged 3.6% year-on-year to ₹39,315 crore vs ₹37,933 crore in the year-ago period. Operating margin was recorded at 21.1% in Q1, a growth of 0.3% YoY and 1.0% QoQ. Infosys shares are currently (11.35 pm) trading 0.14% down at ₹1,941.55 on the BSE, while LIC shares are trading 0.63% down at ₹1,027.45.