LIC Forays Into Micro-Insurance

3i Infotech, a provider of IT solutions, has been selected by the Life Insurance Corporation of India (LIC) to enable micro-insurance agents, institutions such as NGO, Self Help Groups (SHGs) and Micro Finance Institutions (MFI) to transact insurance business on behalf of the Corporation in online / offline mode.

With the help of this software, LIC will be able to make this policy available to rural and semi-urban masses.

The software will enable the micro-insurance agents to manage their insurance portfolio and provide them with reporting capabilities. The software will also facilitate information exchange with LIC’s systems and be a desktop-based full-fledged application with local repositories of information pertaining to micro-insurance agents.

According to LIC, “Our micro-insurance initiative is first of its kind and will cover the length and breadth of rural and semi-urban India. 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 flagship initiative in the micro-insurance space.”

“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 revolutionise the Indian insurance industry,” observed Anirudh Prabhakaran, COO, South Asia, 3i Infotech.