The annual ICT spending of the Life Insurance Corporation of India (LIC) was estimated at $4.7 billion in 2021. A major share of this spending is earmarked for acquiring software and hardware from vendors. Life Insurance Corporation of India, 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.
The Life Insurance Corporation of India enterprise tech ecosystem report will act as a reference point to understand the company/competitor’s digital strategy. It will also help in understanding the digital preparedness of the company against its peers. The information included in these reports is sourced from a mix of our very own internal database and authentic secondary research links such as the company’s annual report, presentations, press releases, etc. The report covers an overview of the company, its digital transformation strategies, technology focus areas, technology initiatives, technology introductions, investments, acquisitions, and ICT spending among others.
Digital Transformation Strategies
LIC offers several digital payment options to allow customers to pay insurance premiums at their convenience, including internet banking, digital wallets, and payment cards. In 2019, LIC partnered with Indian mobile payment apps Paytm and PhonePe. It leverages mobile apps to allow customers to easily manage various aspects of their insurance policies independently and remotely and enable agents to quickly close sales. The LIC mobile app for customers provides information about LIC’s products and portal services, enabling customers to make informed purchasing decisions.
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LIC Technology Theme Focus
LIC focuses on the use of emerging technologies including cloud, cybersecurity, and artificial intelligence to improve customer service and simplify its business operations.
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LIC Technology Initiatives
In 2021, LIC partnered with the Indian mobile payments app MobiKwik to allow customers to pay life insurance premiums via MobiKwik. The partnership is in line with LIC’s objective to offer a wide range of contactless payment options to existing customers
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LIC ICT Spend by Function
- Data center
- End-user computing
- Service desk
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LIC ICT Spend by Channel
- Internal development and maintenance
- Technology vendors (direct)
- Local resellers
- ICT services providers/Consulting firms
- Specialist outsourcers
- Systems integrators
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LIC External ICT Spend by Segment
- Software (including Cloud SaaS)
- Hardware (including Cloud Iaas)
- ICT services
- Network and communications
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LIC Tech Ecosystem Overview
|Total ICT Spending 2021||$4.7 billion|
|ICT Spend by Function||Data Center, Communications, Applications, Network, End-User Computing, Management, and Service Desk|
|ICT Spend by Channel||Internal Development and Maintenance, Technology Vendors (Direct), Local Resellers, Telcos, ICT Services Providers/Consulting Firms, Specialist Outsourcers, and Systems integrators|
|External ICT Spend by Segment||Software (including Cloud SaaS), Hardware (including Cloud Iaas), Consulting, ICT services, Network & Communications, and Others|
|Technology Theme Focus||Cloud, Cybersecurity, and Artificial Intelligence|
Reasons to Buy
- Gain insight into LIC’s fintech operations.
- Discover its fintech strategies and innovation initiatives.
- Learn about its product launches, partnerships, and investments.
Table of Contents
Table of Contents
Digital Transformation Strategy
Partnership Network Map
Frequently Asked Questions
The annual ICT spending of LIC was estimated at $4.7 billion in 2021.
The key ICT spending categories by function for LIC are data center, communications, applications, network, end-user computing, management, and service desk.
The key ICT spending categories by channel for LIC are internal development and maintenance, technology vendors (direct), local resellers, telcos, ICT services providers/consulting firms, specialist outsourcers, and systems integrators.
The key external ICT spending categories by segment for LIC are software (including cloud SaaS), hardware (including cloud IaaS), consulting, ICT services, network and communications, and others.
Some of the key technological themes in focus for LIC are cloud, cybersecurity, and artificial intelligence.