What is in news: Life Insurance Corporation (LIC) has launched a centralized web-based workflow-based IT platform called “e-PGS”.

Why this platform was launched?

• LIC launched this platform for its group business operations.
• Project e-PGS was inaugurated by M R Kumar, Chairman of LIC, at Central Office, Mumbai.
• First digital receipt generated on new IT platform was received by Rakesh Sharma, Managing Director & Chief Executive Officer of IDBI Bank.

Significance of e-PGS

• New technology platform, e-PGS, has been designed to provide a centralized collection and payment accounting with high level of bank integration.
• It will provide collection through host-to-host connectivity. It has been designed to provide very innovative features of seamless and integrated banking with automatic reconciliations.
• This system is capable of providing comprehensive self-servicing capabilities through customer portal. On this portal, corporate customers will be able to view their data, initiate actionable processes and lodge & track claims.
• It has been designed to cater the expectations of technology intensive corporate customers.
• It will provide a high-level integration service with customers’ technology systems to transfer data and services

Life Insurance Corporation of India (LIC): LIC is an Indian government owned insurance and investment corporation. It works under the ownership of Ministry of Finance. It was established on September 1, 1956 by Life Insurance of India Act.