LIC gearing up to give tough fight to private insurers. Know how

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Time is ripe for Life Insurance Corporation of India (LIC) to go for a technology upgradation plan! To compete with private players, the state-run insurer will rely on technology upgradation. This includes handling documents, speed up policy writing, setting up of a call centre and purchase of iPads, as revealed in an Economic Times report.

“LIC’s scope of technology upgrade is huge. They started with infrastructure – with desktop virtualization— and are now moving to applications. The idea is that they also have to be attractive to the high-net worth individuals who are more profitable customers,” Sanchit Vir Gogia, chief executive and analyst at Greyhound Research, told the financial daily.  Twitter_logo_blue

Gogia added that private insurers already use tablet-based software to improve.  

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