The insurance industry is standing at the cusp of a remarkable transformation, shaped by technology, customer expectations, and evolving ecosystems. Over the next decade, innovation will be the foundation stone of success, requiring insurers to embrace change, integrate advancements, and elevate customer experiences, shared Kayzad Hiramanek, Chief Operating Officer, Edelweiss Life Insurance in an exclusive interaction with
Srajan Agarwal of Elets News Network (ENN).
What are the most significant shifts in consumer behaviour that you’ve observed in the digital age, and how is Edelweiss Life Insurance tailoring its digital offerings to create a more engaging customer journey?
In today’s fast-evolving digital landscape, consumer behaviour is shifting rapidly. We are witnessing an increased reliance on digital platforms, a demand for personalized experiences, and a growing preference for self-service. Customers also expect transparency, trust, and speed, which pushes insurers to rethink their strategies.
At Edelweiss Life Insurance, digital transformation goes beyond just technology—it is a fundamental shift in our culture, affecting every part of the organization. Over the past 4-5 years, we have moved from a product- focused approach to a more holistic view, leveraging technology to streamline backend processes, enhance transparency, simplify communication, and create highly personalized experiences for our customers.
By paying close attention to customer feedback, we have uncovered three core needs:
- Personalized advice and products tailored to their specific needs.
- Clear, simple communication that’s easy to understand.
- Trusted advisors who guide them on their financial journey and provide credible, reliable advice.
These insights have shaped our focus on three critical areas: personalization, distributor experience, and customer experience.
A. PERSONALIZATION
- Personalised & need based advisory: Life insurance is heavily reliant on distributors, and customers often face challenges identifying genuine advisors. To address this, we created U-Unlimited (U2), an advisory tool that identifies customer needs and recommends suitable products. This tool is now fully adopted by our distribution team, enabling more structured, data-backed, and transparent interactions with customers. U2 helps advisors guide customers through their financial needs and offers a clear
view of how each product addresses these needs, simplifying decision-making.
B. CUSTOMER EXPERIENCE
- Clear, simple communication: Let’s specifically look at U2 as an example. While it is a tool to empower distributor for delivering a high-quality advisory, the information it generates for the customer is also extremely simplified. Every time a life insurance company recommends a product, it creates a Benefit Illustration (BI) to show the customer how the product will provide benefits to the customer through the policy term. Now when we share a BI with the customer, we also provide an additional simplified version through U2 which breaks down the benefits into a simple ‘Give-Get framework.’ Simply put, you ‘Give’ me Rs. xxx and you ‘Get’ Rs. yyy over these many years.
- Faster onboarding: We also launched BOLT, an end- to-end digital solution that automates many steps in the customer journey. It streamlined the proposal process by minimizing excessive documentation, aand utomated certain underwriting rules to ensure that eligible proposals can be processed immediately without any manual intervention. This allows us to issue proposals within 30 minutes, reducing delays and enhancing the overall experience. From a customer point of view, we are not asking for an endless list of documents, asking for medicals, etc. which simplifies and elevates the overall experience for them. This has streamlined onboarding, providing a smoother and faster experience for both customers and distributors.
- Omnichannel engagement has become a top priority. We ensure that customers can connect with us through their preferred channels, providing a seamless experience across all touchpoints. This blend of personalization, transparency, and convenience is how we are shaping the future of customer experiences in the digital world.
C. DISTRIBUTOR EXPERIENCE
- Distributor App: To further empower our distributors, we rolled out the distributor app, a mobile app designed to act as a digital office. The app centralizes all services related to recruitment and onboarding on one platform enabling the FLS (front-line sales) to recruit better and faster. We have gone live with the application will 100% of users using the current new platform. The scope of the app aims to make it a one- stop platform for the whole distribution and enable services like Customer Support, Customer onboarding, and Performance analysis for self and team.
How does Dataverse enhance data integration across multiple business functions? What competitive advantage does Dataverse provide in terms of predictive insights and decision-making?
As I mentioned earlier, our endeavour is to deliver on customer expectations, and I truly believe in this mission. Data plays a pivotal role in process optimization, identifying and adapting to evolving customer needs, and innovating to meet their expectations.
To achieve this, we have introduced Dataverse, a cutting-edge, cloud-based enterprise data warehouse that consolidates all analytics and reporting into a single, unified source of truth.
Dataverse represents a transformative shift in how data is integrated, analysed, and utilized within the organization. By eliminating traditional silos, it creates a seamless data ecosystem connecting touchpoints across policy administration, claims, customer interactions, and finance. This centralized repository will serve as the single source of actionable insights, fuelling proactive strategies that drive growth, collaboration, and operational efficiency.
This interconnected framework will help us reduce friction, ensure smoother information flow, and accelerate decision-making across all functions.
Dataverse has been integrated with tools like U2 for advisory services, BOLT for onboarding, and our distributor app for effective support. This integration will transform fragmented information into actionable intelligence, empowering functions to make impactful decisions.
What innovative tools is Edelweiss Life Insurance using to transform traditional risk assessment methods? How has the integration of advanced analytics reshaped your approach to identifying emerging risks?
We have enhanced traditional risk assessment through the integration of advanced analytics and innovative tools. Our focus on predictive analysis and machine learning models helps in detecting and preventing fraud.
These models analyse customer behaviour patterns to predict payment likelihood, enabling more tailored approaches and data-driven decision-making.
In addition to fraud prevention, data analytics plays a vital role in sales and customer service. We use predictive models to assess the suitability of potential sales agents, ensuring that we recruit individuals with the highest probability of success.
We have also incorporated tools like risk scorecards, surveillance mechanisms, and negative databases to proactively identify risks. These tools are integrated
at the client onboarding stage to identify potentially risky customers and inform underwriting decisions. By combining first-party data and IIB data, we gain a more comprehensive view of risk, enabling us to categorize and process policies effectively.
On the operational side, we have implemented a Key Risk Indicator (KRI) Framework, which monitors critical functional risks, providing early warning signals before risks materialize. Additionally, we have strengthened our operational risk framework by linking KRI outcomes to the functional Risk Register, which helps us manage and mitigate risks across various functions.
Our commitment to data security is equally strong. We have a robust cybersecurity framework in place, including vulnerability analysis and penetration testing, ensuring real-time data protection while adhering to industry regulations.
By leveraging these advanced tools and analytics, we not only strengthen our risk management framework but also improve decision-making and customer experience, ensuring a secure and transparent journey for all.
What trends do you anticipate will shape the insurance operations landscape in the next decade? How are you ensuring your workforce is equipped to adapt to tomorrow’s operational challenges?
The insurance industry is standing at the cusp of a remarkable transformation, shaped by technology, customer expectations, and evolving ecosystems. Over the next decade, innovation will be the foundation stone of success, requiring insurers to embrace change, integrate advancements, and elevate customer experiences.
One of the most defining trends is AI-driven efficiency, which is transforming operations like underwriting, claims management, and fraud detection. Generative AI, combined with tools like Robotic Process Automation (RPA), is not only streamlining back-office functions
but also enabling on-demand insurance and real-time pricing. These advancements enhance operational productivity, improve customer satisfaction, and unlock innovative solutions that were previously unimaginable.
The rise of personalized, customer-centric advisory is reshaping the way insurance is delivered. Today’s customers demand more than just products—they expect real-time, tailored advice and seamless self-service options. Insurers are responding by integrating AI-driven platforms that offer instant quotes, real-time claims tracking, and predictive recommendations. By analysing customer data, insurers can provide goal-oriented solutions, enabling smarter decisions and building long-term trust.
A revolutionary shift is happening with embedded insurance, where coverage is integrated seamlessly into non-insurance services like automotive, real estate, and healthcare. By leveraging AI to analyse real-time data, insurers can offer instant, personalized protection, ensuring insurance becomes a frictionless part of daily life.
Also Read | AI-Powered Innovations Redefining Fraud Detection And CX In Insurance
The future is also about ecosystem collaboration. APIs, cloud-native architectures, and IoT are creating interconnected ecosystems where data flows seamlessly between insurers and industries like smart homes and vehicle telematics. This enables dynamic, usage-based insurance that adapts to customers’ needs, while helping insurers proactively identify and mitigate risks.
To thrive in this evolving landscape, insurers must prepare their workforce for tomorrow’s challenges. Upskilling programs, a culture of innovation, and collaborative ecosystems will be critical. By embedding agility into the organization and empowering teams
to harness technology, insurers can future-proof their operations.
What role does innovation play in making insurance universally accessible by 2047? How is Edelweiss Life Insurance addressing affordability and awareness challenges to reach uninsured populations?
A significant portion of India still resides in rural areas, where insurance remains out of reach due to low awareness, affordability, and complex offerings. To address this, a multi-faceted approach is necessary to make insurance for all by 2047. Central to this
is affordability—the key to reaching underserved populations.
Embedded insurance is gaining traction, where insurance is bundled with other products, reducing distribution costs and increasing accessibility. This model simplifies the process and keeps premiums affordable, particularly in rural areas. Additionally, micro-insurance products tailored to low-income groups will provide targeted coverage for specific risks, while technology like AI and data analytics ensures fair pricing and improved risk assessments.
A digital-first approach, with multilingual platforms, enables wider reach, breaking geographical barriers and simplifying the insurance journey. Offering personalized and customizable products ensures that both rural and urban populations are catered to, making insurance relevant to their specific needs.
Strategic collaborations between insurers, governments, and intermediaries will be crucial to raising awareness, building trust, and expanding access. By embracing innovation, focusing on simplicity, and using data-driven insights, the insurance industry can bridge the protection gap, ensuring that by 2047, every individual has access to the security they deserve.
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