Unleashing the force of Gen AI: Insurance innovation tech journey.

February 26, 2024
1 min read




Unlocking The Power of Gen AI: A Tech Odyssey in Insurance Innovation

TLDR:

  • GenAI enables insurers and bankers to enhance customer experience and risk management
  • Challenges in the general insurance sector include awareness, bias in buying process, and competition

GenAI will enable insurers and bankers to enhance their customer experience, risk management, and decision making, by using natural language processing, computer vision, machine learning, and deep learning techniques, shared Dheepak Rajoo, Chief Information Officer, Royal Sundaram General Insurance Co. Limited in an exclusive interaction with Elets News Network.

Considering the dynamic and competitive landscape of the general insurance sector, key challenges include awareness, bias in the buying process, and competition from digital-only insurers. To address these challenges and leverage market opportunities, leveraging technology and expertise in digital transformation is necessary. This involves launching new products, collaborating with ecosystem partners, enhancing digital capabilities, using data and analytics, and improving operational efficiency.

Overhauling critical IT processes at RBL Bank faced challenges like legacy systems, resistance to change, vendor alignment issues, and complex IT infrastructure. To address these challenges, a thorough assessment, designing new processes, training staff, and upgrading infrastructure were essential.

Emerging technologies like Generative AI, Blockchain, IoT, Cloud computing, and Open Architecture will be crucial for the insurance and banking sectors in the future. To integrate these technologies, investments in digital capabilities, partnerships with tech providers, experimentation, and customer-centric approaches are necessary.

As the CIO of Royal Sundaram General Insurance, goals include improving Business-IT alignment, enhancing customer experience, driving digital transformation and innovation, modernizing IT infrastructure, experimenting with cutting-edge technologies, and building a performance culture.


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