Serverless Organization, Onboarding In 15 Minutes
Banking Frontiers|November 2018

Byju Joseph, CTO, Future Generali India Life Insurance, outlines the digital direction of the company:

Serverless Organization, Onboarding In 15 Minutes

Future Generali India Life Insurance Co began its digital journey about 4 years ago and today it is perceived as a leader in digitization among insurance companies. It has become a serverless organization, all its operational systems are hosted on the cloud and it is now vying to onboard a customer in just 15 minutes. What is the sort of technology infrastructure the company has come to set up?

“We decided on 3 factors which we thought will drive the infrastructure agility in the company,” says Byju Joseph, CTO. “One is the changing consumer behavior today, the second is the new insuretechs that have come into the market and the third is the connected ecosystem across the financial services industry. We believe without these 3 factors, we cannot create a technology infrastructure. So, we started our journey of what I would describe as a welding of a digital ecosystem about 4 years ago. The company was in operation for 6 years then. We found that the consumer behavior has changed, the business model has transformed, and there is a need for a connected ecosystem to carry on operations. So, we realized we need to transform digitally and that is the time we started on a full-fledged digitization drive.”

NO CHANGE IN CORE4

The company consciously decided not to change the core insurance system it had. What it did was to add spaghetti systems around the core - APIs essentially. That meant innovations in digitization were just around the core. The APIs were strategic enablers. It handled the transformation in a unique way. It created a system of records and a system of engagements, connecting the 2 through an enterprise service bus.

While digitization has happened in banks in a big way, the insurance sector has been slightly lagging. Is Future Generali an exception?

この蚘事は Banking Frontiers の November 2018 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

この蚘事は Banking Frontiers の November 2018 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

BANKING FRONTIERSのその他の蚘事すべお衚瀺
Finance gears up for festivities
Banking Frontiers

Finance gears up for festivities

BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:

time-read
4 分  |
October 2024
Non-cash transactions can touch a phenomenal level by 2028
Banking Frontiers

Non-cash transactions can touch a phenomenal level by 2028

Capgemini Research Institute’s World Payments Report 2025 highlights the era of account-to-account an instant payments:

time-read
3 分  |
October 2024
The Confluence of Artificial Intelligence and Cybersecurity: AI as the Game Changer
Banking Frontiers

The Confluence of Artificial Intelligence and Cybersecurity: AI as the Game Changer

In an increasingly interconnected world, safeguarding our digital assets has become paramount. Enter the dynamic duo: Cyber security and Artificial Intelligence (AI).

time-read
3 分  |
October 2024
A new trinity in digital lending space
Banking Frontiers

A new trinity in digital lending space

Three platforms in the lending space are poised to change the way lenders offer credit and borrowers access funds in India:

time-read
4 分  |
October 2024
Finance gears up for festivities
Banking Frontiers

Finance gears up for festivities

BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:

time-read
4 分  |
October 2024
Small MFI, International Engagements
Banking Frontiers

Small MFI, International Engagements

Mitrata Inclusive Financial Services in the midst of transformation growth

time-read
3 分  |
October 2024
MFIs: Big Impact Big Changes,
Banking Frontiers

MFIs: Big Impact Big Changes,

Even as MFIs are fueling economic growth for the underprivileged, what is interesting is that they are transforming themselves in areas like HR, technology, funding, leadership, collections, and more. Banking Frontiers presents the initiatives and initiatives at 9 such organizations:

time-read
3 分  |
October 2024
Climate Risk Forum for CROS
Banking Frontiers

Climate Risk Forum for CROS

Excerpts from a discussion on shaping the future of climate change resilience in India:

time-read
3 分  |
October 2024
Seamless Supply Chain Finance
Banking Frontiers

Seamless Supply Chain Finance

Deep insights emerge from this fireside chat at NBFC's Tomorrow Conclave.

time-read
6 分  |
October 2024
Star Health sees strong demand from the IT sector
Banking Frontiers

Star Health sees strong demand from the IT sector

Biju Menon, Chief Business Officer at Star Health Insurance, looks at the evolution of employee health insurance from multiple perspectives:

time-read
4 分  |
October 2024