business information system of lic

7/30/2019 business information system of lic

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GROUP:5

SAGAR SIVAN

ARUN ZACH

JITHIN P J

SHIJU GEORGE

NEELIMA MARYJACOB JAMES


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LIFE INSURANCE CORPORATION

(LIC)

Of India


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ABOUT LIC...

1st September 1956

Industry

D. K. Mehrotra (Chairman) Employees: 115,966 (2010)

Total Assets:Rs.13.25 trillion (US$240 billion)

Individual Agents, Corporate Agents,Referral Agents, Brokers etc.

Adequate financial cover at a reasonable cost.


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CONT

LIC had 3500 servicing offices (B:2048,C

zone:54,MAN:25)

113 divisional offices.

Eight zonal offices apart from its corporateoffice.

Wide Area Network.

Company has also commissioned informationcenters at Mumbai, Ahmedabad, Bangalore,

Chennai, Hyderabad, Kolkata, New Delhi, Pune,

amongst other cities.


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HEAD OFFICE MUMBAI.


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PRODUCTS

Children's Policy

Endowment Policy

Group Insurance Policy

Joint Life Policy

Money Back Policy

Pension Plans or Annuities

Special Plans

Term Policy


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KEY HIGHLIGHTS

97.11% of maturity claims are settled on or

before the due date. In FY08, LIC has settled over 13.9 Millionclaims, amounting to Rs.372.06 Billion.

7% of India's GDP in 2006. The total number of In-Force policies wasover 233 Million as on Mar 31, 2008.

As on Mar 31, 2008, LICs total assetsvalued at Rs.8038.2 Billion.

Total income increased to Rs.2063.6Billion by the end of FY08, showing a growthrate of 18.3%.


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INFORMATION TECHNOLOGY OF LIC1964 they introduced computers in LIC.

1980s and replaced by Microprocessors based computers in

Branch and Divisional Offices for Back Office Computerization

1995, LIC started a drive of On Line Service to Policyholders andAgents through Computer

2048 branches across the country have been covered under 100%

computerization


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LIC COMPUTER NETWORKS

Metropolitan Area Network:74 branches in Mumbai enabling policyholders in Mumbai to pay

their Premium from ANY Branch in the city.

Wide Area Network :

Enabled customer to view his policy data and pay premium from any

branch out of 2035.

Interactive Voice Response Systems (IVRS):59 centers all over the country would enable customers to ring up LIC

and receive information.


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LIC ON INTERNET

Information bank

Payment of premium and policy status on

internet

Information KIOSKS

Call Centre


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MIS LIVE

Software package used in LIC

It has TPS, MIS, EIS

It worked on COBOLUpdated it with the help of Wipro to Java

enabled program

FEAC was used in initial years In 2009 changed into EFEAC


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MANAGEMENT INFORMATION SYSTEM

MIS of LIC help by giving the output of stored

date through TPS in the form of reports for

middle level management to take decisions.

The divisional level managers can use this

for taking better decision in a proper way.


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TRANSACTION PROCESSING SYSTEMS

TPS supports day-to-day operations

TPS of LIC is helping to record everytransaction in the branch and at line leveloperations

Every branch have a central database

It uses batch processing system


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TRANSACTION PROCESSING SYSTEMS (CONTD.)

Interfaces of TPS provide seven modules

Sales

New Business

Accountings

Policy service

Claims

Office

Dispatch


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EXECUTIVE INFORMATION SYSTEM

This information systems used by top level

management of LIC to take long term

decisions with the help of projected reports

and displays


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ADVANTAGES

Coverage of various sales channels.

Integrated standard payment routes.

Standard application interfaces.


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CHALLENGES

Change in consumer behaviour and

expectations.

Better incentive ,commission , agency

management.

Better claims management to lower

operating cost.

Rapid adaptability to changing IT trends.


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SUGGESTIONS

Switch to SAP (Systems Application and

Products)

Benefits SAP leverages the existing data

Helps in innovation

Reduce delays in billing and payment

Helps in predictive analysis


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CONCLUSION

business information system of lic

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