The Life Insurance Corporation (LIC) has pioneered micro-insurance to increase its penetration into semi-urban and rural India.
3i infotech will develop and provide online/offline micro-insurance agent software to the insurance company. The application would be accessible to 10,000 agents, self- help groups and micro finance institutes across India. This is LIC's effort to issue one crore policies over the next two to three years in these regions. The policy would be available for a minimum of Rs 5,000. The goal is to empower the masses to financially protect themselves. The software will enable the micro insurance agents to completely manage their insurance portfolio and provide them with reporting capabilities. It will facilitate information exchange with LIC's systems and be a desktop-based full -fledged application with local repositories of information pertaining to the agents. The system will provide LIC with greater control over its Micro Insurance practice, by enabling a closer interaction with its agents in online and offline modes.
