LIC of India crossed another milestone by embarking upon a new centralised web-based workflow-based IT platform for its Group Business operations. The Chairman of LIC of India, M R Kumar, inaugurated the ‘Go Live’ project, ‘e-PGS’, in a formal ceremony in the presence of Managing Directors Vipin Anand, Mukesh Gupta, Raj Kumar and S Mohanty. The inaugural ceremony was joined online from 204 locations across the entire country by all the zonal managers, executive directors in charge of central office departments, regional managers, unit heads and all employees of the Group Business Vertical of LIC of India.
The new technology platform is designed to provide centralised collection and payment accounting with a high level of bank integration through the host to host connectivity and provide very innovative features of seamless and integrated banking with automatic reconciliations. The new system, e-PGS, is capable of providing comprehensive self-servicing capabilities through a customer portal where corporate customers will be able to view their data, initiate actionable processes, lodge and track claims.
Some of the services will be launched on the green channel with end-to-end processing at the customer level itself without manual intervention from the Insurer’s Office. All the features and services will be launched in a phased manner spread over the next three months.
Vipin Anand, MD of LIC, informed that the new technology platform is designed to cater to the expectations of technology-intensive corporate customers and will change the face of customer service on a group business platform. The new system is capable of high-level integration with customers’ technology systems for seamless transfer of data and services. LIC will soon launch a customer awareness campaign for new IT system capabilities so that the benefits can be reaped by all customers to save time and energy.
K S Nagnyal, Executive Director for Group Business informed that the Group Business Vertical of the corporation, which accounts for 77.69 per cent share of group business of the Life Insurance industry, will leverage the new IT platform for enhancing the customer experience at a world-class level and the same will support in marketing and servicing of group business operations. The Group Business vertical of LIC specially caters to various term insurance needs and retirement solutions for employers on the group platform. It is felt that the launch of a new IT platform marks the beginning of a new era in customer servicing for group business.