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June 15, 2001
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Money > Business Headlines > Report June 15, 2001 |
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LIC unveils mega tech planNetScribes / Abhijit Neogy and Radha Ganesan The Life Insurance Corporation of India has drawn up a brand new technology plan for the coming financial year, including networking of its 2,048 branches, setting up Internet information kiosks and installing a system for online collection of premia. The state-owned insurance major has already computerised all its 2,048 branches across the country. LIC also plans to set up an IT subsidiary where Corporation Bank, its strategic partner, would be allowed to pick up a stake. LIC plans connectivity between its branches spread over 41 cities and has already installed wide area networks and metro area networks as part of this, said a senior LIC official. He, however, declined to comment on the investments required for the insurance major's comprehensive technology strategy. Metro area networks have already been commissioned in Bombay, Delhi, Bangalore, Madras, Hyderabad, Ahmedabad and Pune. These networks enable policyholders to get their status report, surrender value quotation, loan quotation from any branch in their city. A wide area network has also been set up to connect all seven zonal offices and the cities of Pune, Ahmedabad and Bangalore. This enables a policyholder to view information and pay premium from any branch in any city that has a metro area network. The wide area network will be extended to other cities in future, the official added. The domestic insurance giant is also planning to set up interactive touch-screen and multimedia information kiosks in select cities for providing information on LIC products and services. The kiosks may also facilitate premium payments by customers. Further, LIC has introduced the Interactive Voice Response System in 28 centres across the country, enabling customers to ring up LIC for any policy information. LIC has identified more cities for the implementation of this system in the coming fiscal, the official said. According to the official, the increased information technology thrust aims at making LIC products and services more customer-friendly. The IT initiatives would also bring down cost of operations. |
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