The Life Insurance Corporation of India (LIC) has selected IT major Infosys to develop its NextGen digital platform.

It will be an integrated end-to-end digital insurance solution providing “excellent services to customers, business lifecycle management and operational activities for sales intermediaries and digital front-end platform for branch employees,” the life insurance behemoth and market leader said in a release on Monday.

The digital platform will be modular, flexible, cloud-native and have platform driven architecture capable of quickly adopting innovative technologies, new products and features. It will form the foundation for building high value business applications such as the customer and sales super apps, portals and digital branch for LIC, it said.

Selection of Infosys comes in the backdrop of the insurer’s decision to embark on a digital transformation programme DIVE (Digital Innovation and Value Enhancement) to significantly boost its digital platform for providing superior experience to various stakeholders.

LIC CEO and MD Siddhartha Mohanty  | Photo Credit: Arrangement

“Our vision is to transform LIC into a technology-enabled organisation providing life insurance solutions. Technology can help us generate greater insights about our customers... look forward to our partnership with Infosys in creating world class digital solutions and providing best-in-class experience for all our stakeholders,” LIC CEO and MD Siddhartha Mohanty said.

Separately, in a release announcing its collaboration with LIC to spearhead DIVE, Infosys said it will enable creation of a cutting-edge NextGen digital platform that will focus on delivering seamless omni channel engagement and data-driven hyper-personalized experiences to LIC’s customers, agents and employees.

LIC selected Infosys for the latter’s extensive experience in executing large-scale digital transformation projects and deep expertise in banking, financial and insurance sectors. Infosys will provide LIC with turnkey system integration services using AI capabilities from Infosys Topaz and DevSecOps services from Infosys Cobalt, the IT company said.

The digital platform of LIC will also serve as an open platform, enabling swift integration with fintech companies and bancassurance partners, it said.