LIC gearing up to give tough fight to private insurers. Know how
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To achieve
He further said: "This is not just a consumer-facing revamp but even internal IT is being upgraded."
The executive, who did not wish to be named, said that LIC is working with consultancy firm Ernst & Young (EY) to spearhead its technology change, and the cost of buying new technology, all upgrades and running the systems would be a few hundred crore rupees.
The plan for the insurance giant's technology transformation is charted in the tenders. In August, LIC put out a tender to buy 590 iPads. And later in December, it came out with two tenders. Firstly, to create a new e-mail archival system that could support 200,000 email accounts; and second one was to virtualise about 125,000 desktops and laptops.
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According to LIC's tenders, companies such as
"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
Gogia added that private insurers already use tablet-based software to improve.
LIC is not the only state-owned enterprise loosening its pursestrings.
(Image: Indiatimes)
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