Technological advancements are reshaping the insurance industry

Anand Pejawar, President-Operations, IT & International Business, SBI Life Insurance, ponders the opportunities presented by increasing digitization.

We recently spoke with Anand Pejawar and asked him to give his insights on ‘How the Industry and the brand has adopted Emerging Technologies’ here’s what he had to say:

Technological advancements are reshaping the insurance industry and insurers are making investments towards bring relevant, customer-focused and cost-efficient in the long run. Emerging technologies like AI, RPA, IoT, Chatbot, Machine Learning are significantly driving growth with their applications. SBI Life banks on customer-first approach and works towards meeting every life-stage need of the consumer. We have adopted various technologies to provide convenience and deliver value to the customers. For instance, we were the first in the industry to adopt the ‘IoT integration’ that delivers notifications on the smart watches or having Alexa/Google Assistant answer queries related to SBI Life. A Robotics Process Automation, ‘ChatBot RIA (Real Intelligent Assistant)’ was designed that assists in customer engagement and helps in generating leads. Another tech integration to speak about is ‘Text to Speech’ which has the ability to play back printed text related to product description and users can easily hear it. With India’s evolving demographics and rising digitalization, opportunities will flourish and companies will surely adapt to the changing time.

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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