Strategic use of IT

This is a broad area where a lot of core issues come up.

Questions like
a. Is IT necessary?
b. What impact has IT on the business world?
c. What opportunities have IT brought into the
business areas of the Company?
d. Is IT of any worth to business are studied here?
The spotless blend of IT Strategy with Corporate
Strategy has to be achieved through the principles of
SUIT
 IN CONTEXT OF LIC
Current Scenario
a)Data pertaining to almost 10 crore policies is being held on
computers in LIC.

b)Services provided
i)Policy status report ,
ii)prompt acceptance of their premium and Revival Quotation
iii)Loan Quotation on demand

c)There are 11 service providers with whom L IC has signed the

agreement to provide this service.
• Strategic Alliances and E-commerce adopted
in regional SME’s
• Consolidation of already implemented
systems by checking against quality standards
like CMM, ISO etc.
• Capture the new segment of customers with
the integration of technology and new
schemes.
 FUTURE RECOMMENDATIONS
1)Provide the provisions for the
comparisons among the various
schemes across the various product
range

2) With the advent of online Income

Tax Payment . LIC can directly send
the LIC receipt of premium to the IT
department and hence reducing the
paper and effort .
3)Automated cash collection machines
with a single operator for premium
collection (like NDPL)
4) Increase the customers base by
increasing the number of policies to
the poor people by using M-banking
facilities (3G will make it easier)