business information system of lic
TRANSCRIPT
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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