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How Generative AI Can Transform the Insurance Sector

1/30/24 9:13 AM

How Generative AI Can Transform the Insurance Sector (cio.inc)

In the era of digital transformation, the insurance sector is undergoing a profound shift. Edelweiss Life Insurance (ELI) is at the forefront of this transformation, leveraging generative AI to introduce innovative platforms and services.

As part of its strategic vision, Edelweiss Life Insurance is embracing a digital-first approach. Prioritizing products, seamless digital experiences, and compliance, the company's tech investments ensure easy interactions with distributors, customers, and regulators, setting a new benchmark.

The company is set to introduce the "office in a box" solution that guarantees policy issuance in minutes. This fully equipped digital workplace, tailored for insurance distributors, empowers them with the necessary tools and technology for seamless operations. This encompasses proposal submissions, customer servicing and robust back-end support.

"Distributors are our invaluable business partners, and we recognize their need for autonomy and streamlined workflows," said Kayzad Hiramanek, COO, Edelweiss Life Insurance. "Our comprehensive platform covers every facet of their journey from onboarding, training, product knowledge, sales tools to real-time commission tracking."

The company is also addressing another crucial challenge: fragmented reporting due to outdated legacy systems. These systems often result in conflicting data and reports, necessitating a large workforce for reconciliation. To tackle this issue, Edelweiss Life Insurance is consolidating all data sources into a single, integrated system.

In a video interview with ISMG, Hiramanek also discussed:

  • Use cases of generative AI in the insurance sector;
  • Impact of the Digital Personal Data Protection Act on insurers;
  • Building friction-free solutions for customers, distributors and agents.

With more than 25 years of experience, Hiramanek leads technology, digital, data, operations, and customer service and business transformation efforts at Edelweiss Life Insurance. His focus is on enhancing scalability, agility and cost-efficiencies within the organization.

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