Mumbai:Insurance giant Life Insurance Corporation of India (LIC) is planning to become completely paperless over the next two years and has budgeted Rs 600 crore towards its digital transformation. Speaking at the Bengal Chamber of Commerce and Industry Financial Markets Conclave**, Sunder Krishnan, Chief Risk Officer at LIC, said, “In two years` time, LIC will be paperless. For this, we have hired a large system integrator for more than Rs 400 crore, a consultant for digital transformation for Rs 100 crore, and Rs 100 crore for agency transformation. In total, Rs 600 crore is being spent on digital transformation.”
Krishnan mentioned that the estimated cost of going paperless could be around Rs 1,000 crore. The total technology spending of LIC is around 10-15% of its total expenses. This week, the insurance behemoth onboarded IT services company *Infosys* to spearhead its digital transformation initiative called *DIVE* (Digital Innovation and Value Enhancement). Under this initiative, Infosys will enable the creation of a NextGen Digital Platform, which will focus on delivering omnichannel engagement and data-driven hyper-personalised experiences for LIC`s customers, agents, and employees.
Source : https://www.deccanchronicle.com/business/lic-to-be-paperless-in-2-years-1824404