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AI-powered automation has transformed the pace of our operations: Nilesh Parmar, COO & CTO, Future Generali India Life Insurance Company

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In the fast-evolving landscape of the insurance industry, operational efficiency and technological innovation are paramount. Future Generali India Life Insurance Company Ltd has positioned itself at the forefront of this transformative journey with an objective of  orchestrating a seamless synergy between operational excellence and technological advancements. Rather than treating technology as a passive enabler, Future Generali India regards it as a proactive driver of operational efficiency and innovation. This perspective allows the company to craft solutions that are not only efficient but also innovative and adaptable to the ever-evolving demands of the industry, shares Nilesh Parmar, Chief Operating Officer & Chief Technology Officer, Future Generali India Life Insurance Company, in an interview with Express Computer

Some edited excerpts:

In the insurance industry, operational efficiency and technological innovation are crucial. Can you discuss how Future Generali India leverages your dual role to drive synergy between operational excellence and technological advancements, ultimately benefiting the company and its customers?

In the insurance industry, the convergence of operational efficiency and technological innovation holds pivotal significance. We have strategically harnessed this dynamic duo, positioning technology not merely as an enabler but as the driving force behind both operational excellence and innovation. This approach underscores our commitment to achieving a harmonious synergy across all facets of our business, yielding benefits across the value delivery chain and customers.

Technology as a Catalyst for Operational Efficiency and Innovation
Rather than viewing technology as a passive enabler, we regard it as the proactive driver of operational efficiency and innovation. This perspective enables us to craft solutions that are not just efficient but also innovative and adaptable to the ever-evolving demands of the industry.

Synergy in Strategies, Thinking Process, and Execution
Our embrace of technology as a linchpin for success permeates our entire organization. It fosters a cohesive synergy that permeates our strategies, thinking processes, and execution. This collaborative approach extends to every facet of our team, ensuring that we collectively harness the full potential of technology.

Embedded in the Value Generation Mechanism
Technology is woven into our value generation mechanism, serving as the bedrock of our efforts to maximize returns for both our shareholders and, most importantly, our cherished customers. This strategic embedding of technology ensures that every innovation and operational enhancement we undertake directly contributes to enhancing the overall experience and value we deliver to all stakeholders.

By integrating technology in this manner, Future Generali India Life Insurance stands poised to deliver superior customer service , thereby reaffirming our commitment to their long-term financial well-being.

2. Digital transformation is reshaping the insurance industry. Could you provide insights into Future Generali India’s digital transformation journey, highlighting the strategic role that technology plays in reshaping your operations and customer interactions?

In the contemporary insurance industry, digital transformation stands as a powerful driving force of change. Our digital transformation journey has been strategically guided, with technology taking center stage in not only reshaping our operational framework but also revolutionizing our customer interactions.

Our foremost objective in this journey of digital transformation is to elevate the customer experience and establish ourselves as unwavering Lifetime Partners to our valued clients. We firmly recognize that technology serves as the bridge that effectively narrows the time and distance gap between our customers and our organization. It acts as a conduit that brings our customers closer to us, allowing us to serve them exactly where they are and precisely when they require our assistance.

As a Lifetime Partner to our customers, we transform our role to a trusted advisor, providing integrated solutions that add genuine value to people’s lives, health, home, mobility, work, and support them in achieving their life goals and dreams. This transformation means we go beyond merely being an insurance provider; we aim to become a comprehensive partner in every aspect of our customers’ lives.

As a part of “Lifetime Partner 24: Driving Growth” strategy, we aim to further strengthen our relationships with customers and increase their value. Our goal is to become our customers’ primary insurer. To become a trusted Lifetime Partner to our customers, we focus on addressing the changing landscape of customer expectations by nurturing three key aspects:

1. Effortless and Caring Interactions: Customers expect effortless interactions characterized by speed, accessibility, and clarity. They also desire caring support, especially for complex or sensitive issues. Our focus is on delivering an exceptional customer experience that is not only easy and efficient but also empathetic and supportive, especially in challenging moments.

2. Greater Personalization: We understand that customers appreciate tailored services and offerings that align with their unique needs and preferences. We leverage technology to provide personalized solutions and recommendations that resonate with individual customers.

3. Relationship-Based Advice: Customers expect relationship-based advice, not just transactional interactions. We aim to build strong, enduring relationships with our clients. This involves understanding their long-term goals and providing guidance and support that extends beyond traditional insurance transactions.

Through digital transformation, we are leveraging technology to meet these promises, making our interactions with customers more efficient, personalized, and focused on building lasting relationships. As we adapt to the evolving landscape of customer needs and expectations, we are committed to shaping the future of insurance as trusted Lifetime Partners to our customers.

What specific digital initiatives and investments have been instrumental in driving this transformation? Are there any significant milestones you’ve achieved that you can share with us to illustrate the progress made so far?

We have transformed our Operating Model and technology is key driver of this transformation. Key initiatives include revamping our customer acquisition journey for a more effortless and caring experience to the customers. We’ve also improved risk assessment and management through advanced data analytics. DIY and self-service options for the customers has always been on top of our priority. These initiatives have significantly helped in enhancing efficiency, responsiveness, and customer satisfaction. We believe this space provide significant opportunity and we will keep pushing the boundaries for continued improvement in this space.

Generative AI has gained attention for its ability to create content and solutions autonomously. Can you share how Future Generali India is exploring or utilizing generative AI to drive innovation or improve operational processes within the insurance sector? Are there any specific applications or use cases you can highlight?

At Future Generali India Life Insurance, we wholeheartedly embrace the promising capabilities of Generative AI, recognizing its potential to reshape content creation and communication within the insurance sector. Our approach to integrating Generative AI is marked by a blend of enthusiasm and meticulousness, prioritizing both innovation and the highest standards of quality and security.

Generative AI has found its place at the core of our marketing strategy, instigating a fundamental shift in how we engage with our customers and communicate with them. We are actively deploying AI in practical ways to not only transform customer interactions but also to strengthen their long-term loyalty. Our dedication lies in evolving our communications to be highly personalized, responsive, and streamlined, all with the overarching goal of enhancing customer engagement and fostering unwavering allegiance. Personalization enables us to create personalized content and messages with careful consideration of every customer’s distinct preferences, behaviours, and interaction history. This depth of personalization fosters stronger connections and trust, enhancing our capability to effectively engage and retain customers. Moreover, AI-powered automation has transformed the pace of our operations. Previously time-consuming tasks are now accomplished swiftly, ensuring timely and relevant communications being sent to customers. This flexibility enables us to quickly adjust to changes in market trends and evolving customer requirements. As we persist in investigating and broadening the scope of these AI applications, we foresee even greater advantages for our campaigns and initiatives in the time ahead.

Specifically, we are at an advanced stage of testing Generative AI’s capabilities in improving the customer experience, with a particular focus on the onboarding and servicing stages. As we continue to explore and expand the use of AI in these areas, we anticipate even more significant advantages for our future campaigns and endeavors.

Generative AI holds the potential to revolutionize various facets of the insurance sector, particularly in content creation and communication. By generating content and solutions autonomously, this technology has the power to streamline our operational processes and, most importantly, provide substantial benefits to our customers. This transformative journey aligns with our commitment to staying at the forefront of innovation in the insurance industry.

As technology continues to evolve at a rapid pace, what innovations or technological advancements do you foresee as being particularly impactful for the insurance industry in the coming years? How is Future Generali India preparing to embrace these changes to stay at the forefront of the industry?

In the swiftly evolving technological landscape, the insurance industry is poised to undergo significant transformations in the coming years. At Future Generali India Life Insurance, we are well-prepared to embrace these changes and maintain a leadership position in the industry. Our approach is anchored in our core principles of Lifetime Partner Behaviors, which serve as our guiding compass in serving customers, supporting distributors, and fostering effective collaboration among our colleagues.

With technology advancements, we foresee a growing demand for seamless, hassle-free interactions and we are well-positioned to respond to these changes as our operational model transformation has made us more agile and responsive, aligning with our strategic goals.

We also foresee that personalized services will play a pivotal role in the future of insurance. Technology enables us to better understand and cater to individual customer needs. We are actively investing in the tools and capabilities needed to offer tailored solutions, ensuring that each customer’s unique requirements are met effectively.

Despite the increasing role of technology, the human touch remains essential, especially for complex or sensitive issues. We are committed to providing speedy, accessible and clear interactions while also keeping empathy and support at the centre of our interactions deliver a superior customer experience.

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