Life Insurance Corporation of India: Enterprise Tech Ecosystem Series

Life Insurance Corporation of India: Enterprise Tech Ecosystem Series

Summary

Life Insurance Corporation of India (LIC), 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, special plans, unit plans, group schemes, child plans, and health insurance plans. It operates through zonal offices in Mumbai, Kolkata, Chennai, Hyderabad, Delhi, Kanpur, Bhopal, and Patna. LIC offers its products in India through associates and agents. The company also has operations in Fiji, Mauritius, the UK, Bahrain, Nepal, Sri Lanka, Saudi Arabia, Kenya, Bangladesh, and Singapore.

This report provides insights into LIC's digital transformation strategies, accelerator programs, and innovation centers. It also gives an overview of its technology initiatives, covering partnerships and product launches, as well as insights on each technology initiative including technology theme, objective, and benefits. In addition, the report includes details of the company's estimated ICT budgets and major ICT contracts.

Scope

- The key technology themes under focus for LIC are cloud, cybersecurity, data analytics, data centers, insurtech, and legacy system transformation.
- The company created a cybersecurity cell to ensure compliance with the Insurance Regulatory and Development Authority of India’s Guidelines on Information and Cyber Security for Insurers. The team implemented a security incident and event management solution for alerting, correlation, and log management.
- LIC has implemented cloud-based services to detect vulnerabilities through perpetual website scanning.

Reasons to Buy

- Learn about LIC's fintech operations, including investments, product launches, partnerships, and acquisitions.
- Gain insight into its fintech strategies and innovation initiatives.
- Discover which technology themes are under the group's focus.