Postal Life Insurance Opts For Futuristic Technology

The Directorate of Postal Life Insurance (PLI) is a governing body that formulates all the products, policies, and administration of the insurance fund in the post office. This department is under the Department of Posts. In this field they perform business procurement, claims management and after sales services.

The central accounting office is the Office of Director, PLI, Kolkata which is under the Directorate of PLI. PLI which is The Investment Division is supervised by the Chief Investment Officer, PLI.  This is situated in Mumbai.

Here, we will discuss how PLI has extended their horizons when it comes to technology.

Joining New Horizons:

In past few years, PLI has exponentially grown to 6.4 million policies as per the data recorded in March 31, 2015. When it comes to measuring this growth, we can see that the policy has grown from hundreds of them in 1884 to millions of them.

 

 

This scheme renders insurance cover for government employees (central and state), public (central and state) sector undertakings, college universities, educational institutions aided by government, autonomous bodies,  national banks, joint ventures that posses minimum of 10% government/ PSU stake, credit co-operative societies, etc.

 

Postal Life Insurance also offers insurance cover to the defense servants (officers as well as regular staff) as well as the people serving para-military forces.

 

It is not only the single insurance policies that are offered by PLI, but this also provide manages a collective insurance scheme that are for the Extra Departmental Employees or also called as Gramin Dak Sevaks that work in the postal Department.

 

 

There are 155,669 branches that are spread across the country making it one of the largest retail as well as financial services providers and falls under the most reputed chains in India and trusted insurance brands that exist in the country. PLI is one of widely expanded sector in India. In order to effortlessly manage data and render its services, it needs quite a strong infrastructure and web applications. As the popularity of the customers increased, the system of the company started feeling pressure.

 

One of the biggest challenges for the company was to face a real-time connectivity between the branches of the company throughout the country. Along with the real-time updates it requires the right data. It also struggled in terms of offering better control on the PLI/RPLI fund investment.

 

Bottlenecks:

PLI has made use of several software applications and systems from several days so as to carry out their daily activities. PLI faced challenges when it comes to maintaining a record of several internal communications and setting a defined workflow and process of approval for maintaining transparency in the whole system.

 

 

Other Bottlenecks faced by PLI:

Support, improve, as well as maintain the potentials of the current application software so as to improve Rural Postal life Insurance (RPLI) and for PLI.

 

 

 

1.   This ensures that the software is accessible from 23 circles, 450 divisions, 37 regions, 22 DA (P) offices, DPLI, Kolkata, along with 812 head post offices that are in the country.

2.    The size of the database of PLI/RPLI is about 400 GB that includes 30 million policies accessed by 20,000 users who come of the server daily.

3.   Rendering better control on PLI/RPLI fund investment by combining the core PLI application along with the investment module.

4.     Recording all the communications internally and defined workflow as well as an approval process.

5.     Creating MIS reports based on role-based.

6.  Combine the business functionalities of DAP & DPLI with PLI/RPLI modules. Further, helping the top management in the process of making decisions.