LIC DIVE App: A Game-Changer for Agents, Customers, and Employees 2024

LIC DIVE App – The Life Insurance Corporation of India (LIC) is set to revolutionize its operations with the launch of its new app, the DIVE (Digital Innovation and Value Enhancement) application. This app aims to modernize LIC’s digital landscape by integrating advanced technologies like artificial intelligence (AI), cloud-based systems, and secure operational frameworks. The primary focus of the DIVE app is to enhance customer service, improve agent productivity, and streamline operations for LIC employees. Let’s take a deeper look into what this app means for LIC’s agents, customers, and the organization itself.

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Digital Transformation: The Next Big Step for LIC

The banking sector has already adopted digital transformation by providing most services to customers remotely, reducing the need to visit a physical branch. LIC is now following this path with its DIVE app, which is being developed in collaboration with Infosys, one of the world’s leading IT companies. By signing a landmark deal with Infosys, LIC has embarked on a journey to upgrade its digital infrastructure. Infosys will bring its expertise in generative AI, cloud computing and security frameworks to build a next-generation platform for LIC stakeholders.

According to Siddhartha Mohanty, Chairman, LIC, the DIVE app will play a key role in their digital transformation. The initiative is expected to enhance operational efficiency across the board, benefiting agents, customers and 1 lakh LIC employees. The app will provide a fully integrated, end-to-end digital insurance experience, making it easier for customers to buy and manage policies without the need to visit a branch.

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What is DIVE?

DIVE stands for Digital Innovation and Value Enhancement. This app will be the cornerstone of LIC’s push towards a digitally enabled future, aimed at delivering exceptional value and convenience to customers and agents alike. The app will allow customers to manage their insurance needs from the comfort of their homes, while agents can use advanced tools to enhance their productivity. The app will also streamline operations within branches, reducing the need for in-person visits by both agents and customers.

The primary goal of the DIVE app is to replicate the digital services that banks offer to their customers. LIC plans to introduce high-value systems through this platform, such as a “customer and sales super app” and a digital branch interface. This shift will allow customers to access services like policy purchase, premium payments, and claims processing online, without the need for in-person interactions. LIC agents will also benefit from the ability to sell policies digitally, increasing their efficiency and reducing time spent on administrative tasks.

Key Technologies: AI, COBAL, and DEVSECOPS

Infosys will be employing cutting-edge technologies to power the DIVE app. Here are 3 key technological pillars that will make this app a game-changer for LIC:

1. Topaz AI Technology

Infosys will use its proprietary Topaz AI technology to integrate artificial intelligence into the DIVE app. This AI system will help agents better understand customer needs and preferences by analyzing historical data, behavior patterns, savings goals, and financial aspirations. Through this analysis, agents will be able to recommend the most suitable insurance products to customers, improving the overall customer experience.

The use of AI will not only help LIC agents make more informed decisions but also boost their productivity. Since agents won’t need to visit customers in person or handle small administrative tasks, they can focus more on expanding their client base. This technology will allow agents to manage their time more efficiently, thereby increasing their sales potential and overall income.

2. COBAL Cloud System

The DIVE app will also leverage Infosys’ COBAL system, a cloud-based architecture that will allow for the secure storage and management of customer data. This technology will make it easier for agents to access important documents like KYC information and policy details directly from their portals, eliminating the need for branch visits.

One of the key benefits of the COBAL system is enhanced security. Customer data will be stored securely in the cloud, reducing the risk of data breaches and fraud, a problem that has plagued the insurance industry in the past. Cloud storage will also make it faster and more efficient to retrieve customer information, improving the speed of transactions and reducing administrative bottlenecks.

3. DEVSECOPS Security Framework

To ensure the utmost security and reliability, Infosys will implement the DEVSECOPS framework in the DIVE app. This system will provide an advanced security layer to protect customer data and ensure the integrity of LIC’s digital services. LIC customers and agents can trust that their information is secure, thanks to this robust, security-first approach.

The DEVSECOPS framework will also allow LIC to update its systems regularly, ensuring that agents and customers always have access to the latest features and services. This will be a critical aspect of LIC’s digital transformation, as it will ensure that the DIVE app remains up-to-date with the latest technological advancements and security protocols.

How DIVE Benefits LIC Agents

For LIC agents, the DIVE app will be a game-changer. The app’s AI-powered tools and cloud-based architecture will allow agents to serve their customers more effectively and efficiently. Here are some of the key benefits that LIC agents can expect from the DIVE app:

  • Enhanced Customer Insights: With the help of AI, agents will be able to analyze customer data more effectively. This will allow them to recommend the most suitable policies based on the customer’s financial goals, behavior patterns, and past savings history.
  • Increased Productivity: By reducing the need for in-person meetings and branch visits, agents will have more time to focus on expanding their client base. This increased productivity will help agents close more sales and, ultimately, increase their earnings.
  • Seamless Access to Customer Data: The COBAL system will allow agents to access customer information instantly, eliminating the need for administrative follow-ups with branch staff. This will streamline the process of selling policies and providing after-sales support.
  • Improved Data Security: The DEVSECOPS framework will provide agents with a secure platform to conduct their business, ensuring that sensitive customer data is protected at all times. This will help agents build trust with their customers, knowing that their data is safe.
  • Cost-Effective Services: By digitizing services and reducing the need for physical infrastructure, LIC will save on operational costs, which may lead to higher commissions and bonuses for agents in the future.

How DIVE Benefits LIC Customers

Customers will also experience significant improvements in the way they interact with LIC, thanks to the DIVE app. Here are some of the key benefits for LIC customers:

  • Convenience: Customers will be able to access all LIC services from the comfort of their homes, eliminating the need for branch visits. This will save time and make it easier for customers to manage their insurance policies.
  • Personalized Service: The AI-driven insights provided by the DIVE app will allow LIC to offer more personalized services, tailoring policies to individual customer needs and preferences.
  • Faster Transactions: With the COBAL cloud system, customers will experience faster processing times for policy purchases, claims, and other transactions. The streamlined digital interface will ensure that customers receive quick and efficient service.
  • Improved Security: The DEVSECOPS framework will protect customer data, reducing the risk of fraud and data breaches. This will give customers peace of mind when dealing with LIC.
  • End-to-End Digital Insurance: The DIVE app will provide customers with a comprehensive, end-to-end digital insurance experience. From buying a policy to managing claims, everything will be available at their fingertips.

Conclusion: The Future of LIC is Digital

The launch of LIC DIVE app marks a significant step forward in the company’s digital transformation journey. By leveraging advanced technologies like AI, cloud computing, and security frameworks, LIC is set to improve the experience for agents, customers, and employees alike. Agents will benefit from AI-powered tools that enhance productivity, while customers will enjoy the convenience of managing their policies from home.

With the help of Infosys, LIC is not just embracing digital transformation; it’s setting the stage for a future where insurance services are more accessible, efficient, and secure. As LIC continues to evolve, the DIVE app will be at the forefront of this transformation, reshaping the way insurance is delivered in India.

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FAQs about LIC DIVE app

What is the LIC DIVE app?

The LIC DIVE app, short for Digital Innovation and Value Enhancement, is a new digital platform launched by LIC to enhance customer service, streamline agent operations, and improve employee efficiency. It integrates advanced technologies like AI and cloud computing for a fully digital insurance experience.

How will the DIVE app benefit LIC agents?

LIC agents will benefit from AI-driven insights that help personalize policy recommendations, access to customer data through the cloud, and improved productivity by reducing the need for physical meetings. The app also enhances security with the DEVSECOPS framework, making transactions safer.

What technologies power the DIVE app?

The DIVE app is powered by Infosys’ Topaz AI technology, COBAL cloud architecture for data management, and the DEVSECOPS framework for security, ensuring an efficient and secure user experience for agents and customers alike.

How does the DIVE app improve customer experience?

The DIVE app allows customers to access LIC services from home, including buying policies, paying premiums, and managing claims. AI-powered tools also personalize services, and the cloud-based system ensures faster, more secure transactions.

Is the LIC DIVE app secure?

Yes, the app uses Infosys’ DEVSECOPS framework, which integrates advanced security protocols to protect customer data and ensure the safety of transactions, providing a secure platform for both customers and agents.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as professional financial or insurance advice. LIC’s DIVE app features and benefits are subject to change. Please consult with an LIC representative or official sources for the most up-to-date information. We are not responsible for any decisions made based on this article.

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