In a bid to increase its penetration into semi-urban and rural India, the Life Insurance Corporation (LIC) has pioneered micro-insurance.
3i infotech would develop and provide online/offline micro-insurance agent software to the insurance company. The application would be accessible to 10,000 agents, self- help groups and micro finance institutes across India. This is LIC's effort to issue one crore policies over the next two to three years in these regions.
The policy would be available for a minimum of Rs 5,000. The goal is to empower the masses to financially protect themselves, a news release said here today.
The software will enable the micro insurance agents to completely manage their insurance portfolio and provide them with reporting capabilities. It will facilitate information exchange with LIC's systems and be a desktop-based full -fledged application with local repositories of information pertaining to the agents. Overall, the system will provide LIC with greater control over its Micro Insurance practice, by enabling a closer interaction with its agents in online and offline modes, the release noted.
LIC said in the statement, "Our micro insurance initiative is first of its kind and will cover the length and breadth of rural and semi-urban India. The sheer magnitude of our operations mandated that we have a seamless end-to-end system which facilitates our agents to connect with us efficiently. The insights and domain expertise demonstrated by 3i Infotech in developing a scalable business oriented insurance solution, encouraged us to partner with them for our flag ship initiative in the micro insurance space."
Commenting on the project, Anirudh Prabhakaran, Chief Operating Officer, South Asia, 3i Infotech, said, "The Life Insurance Corporation of India is one of the largest insurance companies in the world. Technology is the driving force and the key catalyst for LIC's growth. It's very exciting for us to be a part of LIC's micro insurance initiative which we believe will revolutionize the Indian Insurance industry."
