State-run Life Insurance Corporation of India is upgrading its technology to compete better with the private sector. The country’s largest insurer has issued tenders for upgrade of its system to handle documents and speed up policy writing, creation of acall centre than can handle queries in multiple languages, and purchase of iPads for mobility solutions.
LIC’s tender documents show a whole range of companies in the technology sector— from Tech Mahindra and TCS to Microsoft and Oracle—have taken part in the pre-bid discussion meetings. The investments will help the domestic technology market, which suffered in the last few years as companies held back on investment. “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, said. He added that private insurers already use tablet based software to improve.
LIC is not the only state-owned enterprise loosening its purse strings. Air India is also beginning to make investments in IT and is exploring tablet-based software offering for its pilots and crew, ET had reported earlier this week. “I would expect more such contracts being issued by public sector companies,” said Gogia.
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