Life Insurance Corporation of India – Enterprise Tech Ecosystem Series

Pages: 15 Published: April 07, 2022 Report Code: GDFS0573CA

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.

To gain more insights on digital transformation strategies and initiatives of LIC, download a free report sample

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.

LIC Technology Theme Focus

To know about other technology themes under focus for the company, download a free report sample

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

For more insights on other technology initiatives of LIC, download a free report sample

LIC ICT Spend by Function

  • Data center
  • Communications
  • Applications
  • Network
  • End-user computing
  • Management
  • Service desk

LIC ICT Spend by Function

For more insights on ICT spending by function, download a free report sample

LIC ICT Spend by Channel

  • Internal development and maintenance
  • Technology vendors (direct)
  • Local resellers
  • Telcos
  • ICT services providers/Consulting firms
  • Specialist outsourcers
  • Systems integrators

LIC ICT Spend by Channel

For more insights on ICT spending by channel, download a free report sample

LIC External ICT Spend by Segment

  • Software (including Cloud SaaS)
  • Hardware (including Cloud Iaas)
  • Consulting
  • ICT services
  • Network and communications
  • Others

LIC External ICT Spend by Segment

For more insights on external ICT spending by segment, download a free report sample

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.

Key Players

MobiKwik

Amazon

Google Pay

PhonePe

Paytm

Amazon Pay

Google

Table of Contents

Table of Contents

Overview

Digital Transformation Strategy

Technology Focus

Technology Initiatives

Partnership Network Map

ICT Budget

Key Executives

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