Life Insurance Corporation of India 2022 – Digital Transformation Strategies
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.
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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
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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.
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LIC ICT Spend by Function
- Data center
- Communications
- Network
- Applications
- End-user computing
- Management
- ICT Service desk
LIC ICT Spend by Function
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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
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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
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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
Table of Contents
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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