The future of life insurance: AI, blockchain and tech-driven hyper-personalisation


Emerging technologies like the Internet of Things (IoT) for health and wearables, data analytics, and automated underwriting will significantly impact the life insurance sector, shared Gyanendra Singh, Chief Technology Officer, Aviva India in an exclusive interaction with Srajan Agarwal of Elets News Network (ENN).

In an era where data breaches and security concerns are paramount, how do you prioritise and ensure the protection of customer data while also embracing technological advancements?

Data security is of utmost importance to us at Aviva India Life Insurance. It is not that difficult to keep up with tech innovations while maintaining data security if the framework is right. The framework ensures data encryption during rest and transit (at least the PII- Personally Identifiable Information), authentication protocols, stringent access controls, regular security audits, and ongoing employee training to raise awareness about the importance of data security.

The relationship between customer experience and technology is undeniable in today’s time. In your views, how can technology be leveraged to create a more personalised and impactful experience for Aviva’s policyholders?

We promote prevention over protection, and we are genuinely interested in the wellness of people in general, our customers or not. We promote five pillars of wellness: Physical fitness, Nutrition, mental wellness, preventive health check-ups & and financial wellness. We are close to launching a technology platform that will help people on all these five pillars.

In addition to this, we are in the process of implementing a seamless unified experience for the policyholders throughout their life cycle from their wellness, and initial engagement to servicing.

Sustainability and corporate responsibility are increasingly crucial for businesses. How does technology play a role in Aviva India Life Insurance’s commitment to these values?

From a corporate responsibility perspective, we have adopted Uttarakhand to increase the penetration of insurance to the masses through schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY). We are also in the process of using tech to make an impact on people’s lives through the five pillars of wellness.

We are actively exploring ways to reduce our environmental footprint, such as implementing paperless processes and investing in energyefficient infrastructure. Additionally, we leverage technology to create awareness about the importance of insurance and financial planning, ensuring that individuals and families are better prepared for unforeseen circumstances.

With insurtech startups emerging rapidly, how does a well-established entity like Aviva India differentiate itself, especially in terms of technological offerings, to maintain its market leadership?

Aviva India’s long-standing reputation and experience in the industry are our key differentiators. While insurtech startups bring innovation, we bring stability and a deep understanding of the market. To maintain our leadership, we embrace technological advancements and collaborate with startups when appropriate.

The future of any industry lies in the ability to forecast and adapt. From your vantage point, where do you see the intersections of artificial intelligence, blockchain, and life insurance heading in the next decade, and how are you preparing for these potential changes?

Hyper personalisation is key to enhancing customer experience. Technology enables us to analyse data to understand customer needs and preferences better. By leveraging data analytics and artificial intelligence, we can provide tailored policy recommendations, timely reminders, and real-time assistance. Additionally, we are working on enhancing our digital platforms to make them more user-friendly and accessible to our policyholders, offering features like online policy management and quick claims processing.

AI can be used to hyper-personalise insurance and bring cost efficiency with a high degree of protection. We are experimenting with generative AI to provide continual feedback and help improve customer service and sales.

AI will enable more accurate risk assessment, faster claims processing, and improved customer service through chatbots and virtual assistants. Blockchain can enhance trust and transparency in policy management and claims.

Can you discuss any emerging technologies or methodologies that you believe might play a pivotal role in the life insurance space within the next few years, and how you’re ensuring Aviva remains at the forefront of such innovations?

Certainly, emerging technologies like the Internet of Things (IoT) for health and wearables, data analytics, and automated underwriting will significantly impact the life insurance sector.

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