Data-driven innovation will be paramount in delivering personalised insurance experiences and enhancing customer satisfaction. The future will witness deeper generative AI integration, refined predictive analytics, and robust cybersecurity measures to ensure compliance with evolving regulations, shared Ritesh Rathod, Chief Strategy and Data Officer, Canara HSBC Life Insurance in an exclusive interaction with Srajan Agarwal of Elets News Network (ENN).
What are the primary challenges you face in managing and analysing vast amounts of data in the insurance sector?
The industry has made significant progress from merely being data-aware to becoming data-savvy and cultivated a strong culture where most of the decisions are driven by data. At Canara HSBC Life Insurance, we prioritise efficiency and automation to optimise operations and reduce costs. Managing data from multiple sources, ranging from customer profiles to claims history presents challenges related to volume and accuracy.
In this context, end-to-end data integrity while safeguarding policyholder information is critical. Additionally, staying compliant with evolving regulations is another key imperative. The growing threat of cyberattacks continues to add complexity to data security and risk management.
What emerging technologies do you believe hold the most promise for addressing data management challenges in the insurance industry?
AI and advanced analytics methodologies are instrumental in enhancing data management. At Canara HSBC Life Insurance, we leverage cloud adoption to ensure faster processing while automation helps reduce manual errors and operational costs.
With rising cyber threats, advanced cybersecurity frameworks and compliance with the Digital Personal Data Protection Act are critical. Additionally, Generative AI is enhancing underwriting, risk evaluation, and customer service, making operations more efficient and data-driven.
Can you elaborate on the key factors that contribute to maintaining a high claim
settlement ratio at Canara HSBC Life Insurance?
A high claim settlement ratio is built on three pillars: efficiency, accuracy, and fraud detection. Canara HSBC Life Insurance practices advanced predictive analytics methods to identify potential claims at the login of the policy, and proactively identify claim settlement- related issues with associated recommendations to accelerate processing times.
Additionally, we recently introduced OmniGen AI, an industry’s first generative AI solution for optimising risk evaluation in underwriting. Our advanced algorithms enhance consistency and precision in risk assessment, reducing errors, expediting policy issuance and helping us to serve our customers better.
How does Canara HSBC Life Insurance leverage data analytics to enhance
operational decision-making?
We are focusing on expanding an analytics-driven cross-selling fulfilment model for end-to-end engagement with existing customers. We have also introduced an industry-leading alert/nudge mechanism providing real-time, case-specific support with alerts to Operations and Sales teams in addition to AI-driven performance KPIs reports with relevant visualisation and comparative insights which are shared with the management.
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Additionally, we are also enabling sales governance teams with real-time anomaly detection capabilities through an analytical model dashboard. We are also introducing in-house GenAI tools to transform training and sales. These initiatives lead to optimised revenue growth, improved decision-making, heightened risk detection and enhanced operational precision.
What are the future plans for scaling AI and big data applications within Canara HSBC Life Insurance?
Technology is the foundation of our solutions, and we remain committed to strengthening this pillar to withstand evolving challenges and capitalise on opportunities presented by new-age technologies such as Generative AI, and shifting customer preferences.
We are focused on implementing a comprehensive platform to unify our data efforts and enable the relevant teams to leverage AI/ GenAI technologies more effectively across the business functions in the organisation. A modern cloud platform is being designed to accommodate a wide range of business use cases, ensuring it meets diverse enterprise needs with scalability and efficient solution architecture for flexible, real-time outcomes.
What is your vision for the future of data- driven innovation in the insurance sector?
Data-driven innovation will be paramount in delivering personalised insurance experiences and enhancing customer satisfaction. The future will witness deeper generative AI integration, refined predictive analytics, and robust cybersecurity measures to ensure compliance with evolving regulations. We would focus on continuous product and service innovation, by complying with the new regulatory environment, ensuring business continuity without disruption and further contributing to operational agility.
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