SUMMARY
- Infosys partners with LIC to lead its digital transformation through the DIVE initiative.
- Infosys will use its Topaz AI and Cobalt cloud services to develop LIC’s NextGen platform.
- LIC aims to enhance digital experiences, with Infosys supporting infrastructure and maintenance.
Infosys has announced its partnership with the Life Insurance Corporation of India (LIC) to lead its digital transformation initiative called DIVE (Digital Innovation and Value Enhancement). The company says LIC chose Infosys because of its deep understanding of the banking, financial, and insurance sectors, as well as its vast experience executing large-scale digital transformation projects.
Infosys will assist in developing a pioneering NextGen Digital Platform as part of this partnership, with an emphasis on providing LIC’s customers, agents, and staff with seamless omnichannel engagement and data-driven hyper-personalized experiences.
Infosys will use Infosys Topaz’s AI capabilities and Infosys Cobalt’s DevSecOps services to offer LIC comprehensive system integration services. It is a package of platforms, services, and solutions designed to help businesses move faster toward the cloud. Infosys Topaz is an AI-first offering suite that adds Gen AI capabilities to Cobalt. Furthermore, the firm will guarantee continuous monitoring and maintenance when the platform goes live in addition to assisting with the establishment of the infrastructure for digital transformation.
CEO & MD of LIC, Siddhartha Mohanty stated, “Our collaboration with Infosys marks a significant milestone in our digital transformation journey. It will not only improve our operating skills but also allow us to provide better, more individualized experiences to our large client, agent, and staff base.”
“We are confident LIC will be uniquely positioned to offer unparalleled service and value to their stakeholders through this collaboration,” stated Salil Parekh, CEO and MD of Infosys.
LIC’s NextGen Digital Platform will help it achieve DIVE’s goals, which includes providing best-in-class digital initiatives for all of its stakeholders, including consumers, intermediaries, and the marketing team. As an open platform, it will also facilitate quick integration with Bancassurance partners and FinTech businesses..
Infosys Limited reported its financial results for the first quarter ended June 30, 2024. The company achieved sales of USD 4,714 million, an increase from USD 4,617 million in the same quarter last year. Net income for the quarter was USD 763 million, up from USD 724 million a year ago. Basic and diluted earnings per share from continuing operations were both USD 0.18, compared to USD 0.17 in the previous year.
