KV Dipu, President – Operations, Communities & CX, Bajaj Allianz GIC deliberates on the technologies Impacting the Insurance Industry.
What are your roles and responsibilities as President – Operations, Communities & CX of Bajaj Allianz?
In my current role I basically drive digital transformation and Industry leadership. We are a large and established player and we need to ensure that we give best-in-class service to our partners, employees and our customers.
What are the key technology solutions used by Bajaj Allianz and what are their use cases?
The pandemic phase has clearly brought to the forth digital tools that we have used. For example, 80% of our servicing today happens through our digital assets and not via the contact centre. We have an AI driven chatbot, we have WhatsApp and we have our own mobile app. Similarly if you look at our core product, which is insurance policy issuance, more than 90% of our policy are issued digitally. Here our partners and our employees use the various digital tools, be it the portal or be it the app we have developed.
How are digital technologies helping Bajaj Allianz to tide over the current COVID19 crisis?
I think the pandemic has come at the right time in the sense that we are interested in a lot of digital tools for early implementation across our business, where we have three constituencies, viz. partners, customers and employees. Our employees can work comfortably from home. We have given all of them assets in the form of hardware with access to software from home. We have also focused on cyber security and also we u have ensured that even as people are physically and socially distanced they are digitally and emotionally connected.
Coming to our partners since insurance is a distribution let business we have given a lot of tools to our partners to ensure that they are able to provide service and sell from their end using the various digital tools we have given to them.
And as far as customers are concerned, more than 80% of our services happen through our digital assets, be it through the air driven bot or WhatsApp or mobile app. The fact that our company was followed by 90% during this period is a testament to the fact that technology has helped us throughout the entire landscape.
What are the milestones in the digital transformation journey of Bajaj Allianz?
There have been quite a few milestones from an innovation perspective. We have been industry-leading for quite a while now. We launched the industry’s first blockchain driven claims settlement solution. We launched IoT based products a few years ago and when the pandemic happened 80% of servicing happened with digital tools. We are also the first ones to integrate our air driven bot with Alex and Google Assistant. So quite a few milestones. They all came together during this period and our customer feedback has been very positive. We enjoy the highest NPS in the industry and also from regulator’s perspective. We figure amongst the players with lowest grievances.
How can data analytics solutions help the insurance sector gain more profound levels of insight into customer behaviour and needs?
You see today everybody’s talking about data. The idea is to basically get to know your customers better and at the same time ensure that your customers have a choice from a previous perspective. It’s all about full disclosure and doing everything by expressing concern for the customer. If you look at the insurance business ,we have always had a data scientist to the form of the actuary. He was the one who used to crunch the numbers and then look at various aspects of business. Now as various tools have come in and that makes the actuary’s life simpler. The other is we can use data to democratize and decentralize decision making in an objective manner across there.
How are you adopting to the newer security challenges at an insurance player like Bajaj Allianz arising out of the current situation?
There are typically two aspects to cyber security. One is the hard aspect whereby you focus on ensuring that you have right tools to monitor anything which can go a miss. More importantly what is typically underrated is software aspect which is in terms of creating a strong awareness amongst the users because sometimes we have seen and you to learn from others experiences that incidents have happened out of lack of awareness. So the whole idea has been around creating strong awareness. We have tools in place to detect anything which can potentially go wrong.
How important is a cyber-liability assessment today in case of cyber crisis? How would you identify and assign the responsible stakeholders?
You see cyber liability assessment is today an integral part of the Landscape you look at in various organizations, they have their own risk practices. And as part of this, the first step is awareness and the second step is to work with various partners to actually execute it. Now risk assessments are typically used to identify and prioritize risk from an organizational point of view. Organizations worry about their reputation and they also have to worry about their various assets, be it digital or be it physical. So the fact that there is heightened awareness today has led to significant uptake in the practice, and we will only see this rising in a circular manner as we increasingly go into a digital waveform.
How is Bajaj Allianz leveraging on technologies like mobility, AI, analytics, blockchain, IoT among others?
From a Blockchain perspective, we have walked through nearly three-and-a-half years. We were pioneers in terms of leveraging blockchain to launch the claim settlement solution for travel insurance.On the AI front, we have clearly proved the value of it through our two strong execution projects. One is on customer service, whereby we leveraged AI to ensure that our bot is there to service customers when the call centres shutdown. Similarly on the motor insurance front, we leverage AI to ensure that our claims processing, pay-outs which used take days earlier now happen in minutes. Coming to IoT, we launched two products. One is a connected car and the other is a connected school. So we have been leveraging technologies for a while now and we were leading industry throughout and the whole idea is to continue to raise the market.