Life Insurance Corporation of India - Enterprise Tech Ecosystem Series

Life Insurance Corporation of India - Enterprise Tech Ecosystem Series

Summary

Life Insurance Corporation of India (LIC) - owned by the government of India - is a provider of life insurance plans. The company offers endowment plans, money back plans, term assurance plans, pension plans, unit-linked plans, group schemes, and health insurance plans. It operates through zonal offices in Mumbai, Kolkata, Chennai, Hyderabad, Delhi, Kanpur, Bhopal, and Patna. LIC offers its products in India through associates and agents. LIC’s subsidiary companies are LIC Pension Fund and LIC Cards Services. Its associate company are IDBI Bank, LIC Mutual Fund Trustee Company, LIC Mutual Fund Asset Management Company, and LIC Housing Finance. The company also has operations in Fiji, Mauritius, the UK, Bahrain, Nepal, Sri Lanka, Saudi Arabia, and Bangladesh.

This report provides insight into LIC's fintech activities, including its digital transformation strategies, its technology initiatives, and its estimated ICT budget.

Scope

• LIC focuses on the use of emerging technologies including cloud, cybersecurity, and artificial intelligence to improve customer service and simplify business operations.
• LIC allows customers to pay insurance premiums through a number of online channels, including internet banking, mobile apps, and payment cards. In 2021, LIC reported that it had received premiums worth $8.0 billion through digital methods of payment since the onset of the pandemic.
• LIC has implemented a robust cybersecurity strategy to secure its digital assets from cyberattacks. Measures include the deployment of biometric authentication to prevent unauthorized persons from accessing its applications and use of VPNs to prevent data breaches while employees work from home amid the COVID-19 pandemic.

• Gain insight into LIC's fintech operations.
• Discover its fintech strategies and innovation initiatives.
• Learn about its product launches, partnerships, and investments.