"Infosys was selected by LIC for its extensive experience in executing large-scale digital transformation projects and its deep expertise in the banking, financial and insurance sectors," the release said.
IT services company Infosys on Monday announced it has been selected by Life Insurance Corporation (LIC) to drive its digital transformation with NextGen Digital Platform, focusing on omnichannel experiences and data-driven hyper-personalisation for customers, agents and employees.
The company did not divulge the size of the deal.
"Infosys...today announced its collaboration with the Life Insurance Corporation of India (LIC), the largest life insurance company in India, to spearhead its digital transformation initiative called DIVE (Digital Innovation and Value Enhancement)," according to a release.
Under this, Infosys will enable the creation of a NextGen Digital Platform, which will focus on delivering omnichannel engagement and data-driven hyper-personalised experiences to LIC's customers, agents and employees.
"Infosys was selected by LIC for its extensive experience in executing large-scale digital transformation projects and its deep expertise in the banking, financial and insurance sectors," the release said.
Infosys will provide LIC with turnkey system integration services using AI capabilities from Infosys Topaz and DevSecOps services from Infosys Cobalt.
Infosys Cobalt is a set of services, solutions, and platforms for enterprises to accelerate their cloud journey, while Infosys Topaz, an AI-first offering suite, enhances Cobalt with generative AI capabilities.
Besides this, Infosys will help establish the required infrastructure for digital transformation and ensure ongoing monitoring and maintenance once the platform is operational.
"The NextGen Digital Platform will enable LIC to realise the objectives of DIVE, which is to deliver best in class digital initiatives for all its stakeholders, customers, intermediaries and the marketing team," the release added.
Siddhartha Mohanty, CEO and MD of LIC said, the collaboration with Infosys marks a significant milestone in the digital transformation journey of the life insurance company.
"It will not only enhance our operational capabilities but also enable us to cater to our vast customer, agent and employee base with newer, 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," Mohanty said.
Salil Parekh, CEO and MD, Infosys, noted that LIC is a name that resonates across generations of Indians. "...and we are delighted to collaborate on their transformation journey. By leveraging Infosys' extensive experience in digital transformation initiatives and prowess in AI and Cloud, we aim to equip LIC with a robust digital infrastructure that will deliver superior customer engagement, enhance operational efficiency and enable rapid market responsiveness," Parekh added.