Life Insurance Corporation's (LIC) joint venture in Bahrain has started selling policies to non-Indians and is now awaiting similar permission from Saudi Arabian authorities. | |
| "We got the licence a month back (from the Central Bank of Bahrain) to sell insurance to resident population of Bahrain," said D K Mehrotra, managing director of LIC. |
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| LIC's started its operations in 1989 in Bahrain. LIC (International) B.S.C.(C), Bahrain operates in Bahrain, Saudi Arabia, Oman, Qatar, UAE and Kuwait. It till the last month sold policies only to non-resident Indians. |
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| LIC is also eyeing New Zealand. "The market in New Zealand is broker driven and affordable so we are looking at it," Mehrotra said, after LIC chairman T S Vijayan inaugurated corporate active data warehouse(CADW) and a data centre which will house the entire IT Infrastructure relating to all core applications of the public sector life insurer. |
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| "The data centre has been built in partnership with Wipro. The total cost of ownership for LIC is Rs 35 crore including service, AMC, hardware, software. |
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| Wipro will help implement the project in phases and will be responsible for maintenance of the systems for eight years. The second and third phase will be inaugurated in 2007-08," said Vijayan. |
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| CADW has the data of all business units which include 2,048 branches, 101 divisions, 71 pension and group business units, seven zonal offices and the corporate office. |
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| The CADW has been populated with data related to 280 million policies and their transactions over the past 5 years of which 190 million policies are live. |
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| One of the major achievements has been allotment of customer IDs to the customer data, by identifying 147.55 million unique customers, from the live database. |
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| More than 350 MIS and analytical reports have been developed to cater to the requirements of business users at various levels. |
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| The system has been designed to take a peak load of 7000 users of which 3000 will be concurrently accessing the CADW for various requirements. |
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| Immediate and ongoing benefits of the project are 360º view of customers - across product lines, analysis of buying patterns and preferences of customers, performance appraisals of various channels, product innovation and differentiation, targeted marketing campaigns with better targets and improved hit ratios, profitability and predictive analytical capabilities and regulatory compliance. |
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