LIC to have world class Data Warehouse unit

LIC is in for a major technology drive and is slated to come up with a world-class data warehousing facility shortly.

Life Insurance Corporation is in for a major technology drive and is slated to come up with a world-class data warehousing facility shortly.

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"The data warehousing facility will be unique and largest in the world," LIC chairman AK Shukla said, adding that the facility would be able to handle huge data of its over 16 crore policyholders. After the facility comes up, it would be easier for LIC to improve the service to policyholders and become more efficient in its operations.

LIC has already initiated a major inter-connectivity drive by setting up Satellite Sampark centres that would facilitate payment of premium, stating of policy status and addressing other queries of policyholders. "We will have 25-30 such offices by the end of this fiscal. It is part of the hub-and-spoke model," Shukla said.

The move comes after the spread of IT and telecom facilities in many cities. "It will reduce paper work and enable us to offer better services," Shukla said.

LIC has already been offering payment of premium through internet and ATMs of select banks like Corporation Bank, UTI Bank and Citibank (Mumbai). "We are talking to more banks for such tie ups," Shukla said.