New Delhi, April 15 -- Life Insurance Corporation of India (LIC) must accelerate its digital transformation despite being an early technology adopter, department of financial services (DFS) secretary M. Nagaraju said on Wednesday at the launch of the insurer's two new mobile applications.

Nagaraju said he was "a little surprised" to learn LIC was among the first companies in India to adopt mainframe systems. "If that is the case, we must reflect on why we have fallen behind in recent years in technology adoption. LIC is the dominant player in the insurance sector, and whatever it does sets benchmarks," he said, adding that the company carries the responsibility of contributing to India's goal of building a modern, inclusive and secure fu...