IT Leadership Opinion

Digital Transformation – The Future of Insurance Industry

According to PwC’s 22nd Annual Global CEO Survey, the insurance companies are more receptive to the technological changes in recent times. Adapting to the changing technological advances in the current global scenario is inevitable and had become necessary for insurance companies to keep up with the pace in the VUCA world.

Innovation is no more stuck with scientists and researchers. Today, the front-runners have combined technology with the core of the business and presented it to the customers. This shift in the mindset enables the companies to bring new products and services against the market challenges in the form of conventional ideas about insurance. Insurance companies also need to change their working practices together with technological advancements.

The digital transformation of insurance – powered by artificial intelligence, machine learning, predictive analytics, mobile service, live chat, etc. – is enabling insurers to do just that, and will keep changing the industry for years to come. Smruti Gandhi, Director – Community Engagement & Executive Editor, Grey Head Media in conversation with Mr. K V Dipu, President – Operations & CX, Bajaj Allianz General Insurance discusses the heightened importance of Digital Transformation in the changed times in the Insurance Industry.

Mr. K V Dipu is an award-winning CXO – level Executive spearheading the digital transformation drive at Asia’s leading general insurance company, Bajaj Allianz GIC, leveraging start-ups from fintech/insure tech globally, while leading a team of ~1000 people in 220 locations. A management graduate from the Indian Institute of Management Lucknow (IIM Lucknow), he joined Bajaj Allianz GIC in 2016 after a stellar career of nearly 20 years with GE Capital.

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