3i Infotech partners with LIC

BANGALORE: 3i Infotech, provider of IT solutions, has announced that it has been awarded a contract from the Life Insurance Corporation of India (LIC), to enable micro insurance agents, institutions such as NGOs, Self Help Groups (SHGs) and Micro Finance Institutions (MFI) to transact insurance business on behalf of the Corporation in online/offline mode

With its focus on Micro Insurance, LIC plans to offer a policy aimed at people from the age group of 18-60 years, available for a minimum sum assured of Rs 5,000. With the help of this software, LIC will now be able to make this policy available to the rural and semi urban masses through its 10,000 agents including NGOs, SHGs MFIs spread across the country. LIC's goal is to empower the masses to financially protect themselves.

The software will enable the Micro Insurance Agents (MIAs) to completely manage their insurance portfolio and provide them with reporting capabilities. In addition, the software will facilitate information exchange with LIC's systems and be a desktop-based full-fledged application with local repositories of information pertaining to MIAs. 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.

With the help of this software, LIC expects to issue one crore micro insurance policies over a period of two to three years.

"Our micro insurance initiative is the first of its kind and will cover the length and breadth of rural and semi-urban India. The sheer magnitude of the corporation's 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," a spokesperson from LIC said.

LIC is one of the largest life insurance companies in the world with an in-force policy base of 190 Million.

CIOL Bureau