IN THE INTENSELY COMPETITIVE insurance sector, HDFC Life is banking heavily on its technology strengths. Parvez Mulla, COO, HDFC Life, shares with EC, on how his firm is using emerging technologies such as AI and RPA to its advantage
Can you take us through some of the recent technology initiatives that you have taken that has led to huge business impact?
The world is changing at an accelerated pace enabled by spate of technological disruptions. These disruptions have matured in their life cycle and now have scalable use cases for enterprises.
At HDFC Life, three years ago we saw the pace of these disruptions in evolving insurance market in China and started investing in technology initiatives. Our large scale tech enabled digital transformation gave us mobility platform across our sales journey. It digitised all our onboarding processes and made the journey smooth. We progressed from there to plug and play partner integration through APIs.
We then built our data platform, started our cloud journey and then invested in data lake. We created multiple cognitive engines within HDFC Life. Separate technology teams were focusing on different areas. Our emerging tech team, ADCAT, developed a spate of tech products which could be use to simplify journeys. Nudge engine, Recommendation engine, Dedupe, Customer 360 were developed to enable personalising customer journeys. The Data Labs team worked on predictive modelling across the value chain helping us to reduce our claim settlement time from weeks to days. Our fraud analytics model and customer propensity models are extensively used by us and our partners. Our online learning platform mLearn, Geo based sales solution like InstaGo and people app mConnect have helped us drive better people engagement and satisfaction. We have launched a threeclick PASA (pre- approved sum assured) journey which shortens the customer buying process and makes it seamless on partner systems. HDFC Life has believed in using technology, not as an end in itself, but to serve to smoothen the customer journey and simplify the process for the customer.
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