11-11-2017, 04:31 PM
LIC has been one of the pioneering organizations in India that introduced the influence of information technology on the service and its business. The data pertaining to almost 10 crore policies are carried out on computers in LIC. We have used relevant and appropriate technologies over the years.
1964 saw the introduction of computers in LIC. The unit registration machines introduced in the late 1950s were eliminated in 1980 and replaced by microprocessor-based computers in branch offices and divisional offices for back office computerization. Hardware and Software standardization began in 1990's. The standard computer packages were developed and implemented for salary and ordinary savings plan (SSS) policies.
Life Insurance Corporation of India (LIC) is an insurance group and investment company owned by the Indian state based in Mumbai. It is the largest insurance company in India with an estimated asset value of ₹ 1,560,482 crore (US $ 240 billion). As of 2013 it had a total life fund of Rs.1433103.14 crore with the total value of the policies sold of 367.82 lakh that year.
The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance Act of India that nationalized the private insurance industry in India. More than 245 insurance companies and pension companies merged to create the state company Life Insurance Corporation.