How Insurance companies are adopting digital disruption?

We recently caught up with few experts from the Insurance Industry and discussed their thoughts on ‘How their organization is accepting digital disruption and what technologies they are looking to work with closely?

Read exclusive insights by RM Vishaka(MD & CEO, India First Life Insurance),Rakesh Jain(MD & CEO, Reliance General Insurance) andWarendra Sinha (MD & CEO, IFFCO TOKIO):

RM Vishaka: Being staunch advocates of digital disruption, we continue to soldier on adopting it to benefit customers while contributing to the collective objective of strengthening insurance penetration. We continue to stay abreast of new tech trends & innovations that can enable this. The focus is now on incorporating Analytics & Machine Learning as part of all our business processes. IndiaFirst Life is working on a microservices-based solution architecture to enable flexibility in seamless integration with its partners and customers.

Rakesh Jain: Over the past few years, embedding AI & ML in processes, products, and services have become almost mainstream to deliver an intelligent and customized package. Our efforts, therefore, became focused on continuous innovation and effective distribution. We did this through smart ‘phygital’ branches for swift claims settlement. RIVA – our AI-powered chatbot delivers 24×7 availability of our services. It deals with more than 20 independent flows and more than 25K transactions per month for both sales and servicing. RGI’s proprietary video streaming service has helped us settle more than 2,30,000+ (at the garages) in a short span of time. On similar lines, the use of OCR in travel insurance has reduced the number of steps required policy purchase and claims processing from 20 to only a couple of clicks! Customer centricity is our focus and our products are a showcase of that focus.

Warendra Sinha: At IFFCO Tokio, we are also adopting advanced digital technologies to ensure that our customers get the best possible service along with innovative products. We have used AI to automate our motor insurance claims, RPA to automate routine processes, etc. For AI tools, we have tied up with IBM and some applications are developed in-house by our IT team. Today most of the processes are digitalized in order to enable us to have digital offices for driving down operational costs.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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