Life Insurance Corporation of India 2022 – Digital Transformation Strategies

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

Life Insurance Corporation of India (LIC) has been focusing on using artificial intelligence & machine learning, mobile technologies and cloud to digitally transform its operations. The annual ICT spending of LIC was estimated at $4.7 billion for 2021. A major share of this spending is earmarked for acquiring software, hardware and consulting services from vendors. LIC 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 LIC digital transformation strategies report will act as a reference point to understand a company/competitor’s digital strategy. It will also help in understanding the digital preparedness of the company against its peers. Information included in these reports are sourced from a mix of our very own internal database and authentic secondary research links such as company’s annual report, presentations, press releases etc. The report covers overview of the company, its digital transformation strategies, technology focus areas, technology partnerships, technology introductions, and ICT spending among others.

Digital Transformation Strategies

LIC 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.

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

LIC Technology Theme Focus

LIC is utilizing a number of emerging technologies including big data, blockchain, and cloud among others to improve customer service and simplify its business operations.

LIC Technology Theme Focus

LIC Technology Theme Focus

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

LIC Technology Initiatives

LIC has been involved in several strategic technology partnerships and collaborations, and technology roll outs over the past few years. For instance, in 2020, the company launched LIC MITRA chatbot for quick resolution of basic customer queries.

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

LIC ICT Spend by Function

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

LIC ICT Spend by Function

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

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)
  • ICT services
  • Consulting
  • Network and communications
  • Others

LIC External ICT Spend by Segment

LIC External ICT Spend by Segment

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

LIC Digital Transformation Strategies Overview

Total ICT Spending 2021 $4.7 billion
ICT Spend by Function Data center, Communications, Network, Application, 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), ICT services, Consulting, Network and communications, and Others
Technology Theme Focus Big Data, Blockchain, and Cloud

This report provides:

  • Insight into LIC’s technology activities.
  • Overview of technology initiatives covering partnerships, and technology introductions.
  • Insights on each technology initiative including technology theme, objective, and benefits.
  • Details of estimated ICT budgets.

Reasons to Buy

  • Gain insights into LIC’s technology operations.
  • Gain insights into its technology strategies and innovation initiatives.
  • Gain insights into its technology themes under focus.
  • Gain insights into its various partnerships and technology introductions.

Key Players

Google Pay
Amazon Pay

Table of Contents

Table of Contents


Digital Transformation Strategy

Technology Focus

Technology Initiatives

Partnership Network Map

ICT Budget

Key Executives

About GlobalData

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 communications, data center, network, applications, end-user computing, ICT service desk, and management.

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 ICT services, software (including cloud SaaS), hardware (including cloud IaaS), ICT services, network and communications, consulting, and others.

The key technological theme in focus for LIC are big data, blockchain, and cloud.


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