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HDFC ERGO Insurance Policy has collaborated with Google Cloud to set up an online framework for selling insurance. By 2024, HDFC ERGO wants to move entirely to the cloud. This online insurance sales platform uses data machine learning and analytics to identify insurance risks, provide clients with personalised digital experiences, react quickly to regulatory changes, and sell insurance (ML).
The insurance business will also receive help from Google Cloud for integrating IT systems and developing new apps. They will also receive AI/ML technology from Google to develop predictive insights and reduce insurance fraud. Thanks to Google Cloud, we can effectively realise the full capability of HDFC ERGO’s extensive insurance products. This collaboration demonstrates our dedication to providing a smooth user experience by fully digitising the client journey.
Key takeaways
- To simplify the purchasing & service of insurance in India, particularly among millennials, Google’s cloud computing group is collaborating alongside HDFC ERGO General Insurance.
- And through the platform, HDFC ERGO would introduce cutting-edge insurance products and provide customers with digital and tailored experiences.
- It will also try to use the data sets and foresight provided by Google Cloud’s AI & ML algorithms to spot and reduce fraud and other related risks and quickly adapt to regulatory changes.
- In return, Google Cloud will support HDFC ERGO with all aspects of its operations, from infrastructure and data analytics to consumer experience and system integration.
- Enterprises worldwide are recognising the benefits of embracing cloud technology, said Bikram Singh Bedi, Managing Director of Google Cloud India. We are happy to help HDFC ERGO on its system modernisation journey. HDFC ERGO can allow seamless client experiences, maintain agility, and provide improved services because of the potential of data and analytics.
- By 2024, HDFC ERGO, one of the nation’s top insurance companies, hopes to have completely migrated to the cloud. Over 93 per cent of the total sales policies are currently issued digitally, and nearly 40% of its consumer inquiries are currently handled online.
- “As part of the digital-first and customer-centric strategy, we are continually reinventing how we build and deploy software to give new highly experiences to clients via digital applications,” Naganathan explained.
About Google Cloud
Every organisation’s capacity to undergo a digital transformation is accelerated by Google Cloud. We provide enterprise-grade solutions just on the cleanest cloud in the business, utilising Google’s cutting-edge technologies. Google Cloud is a trusted partner for customers in more than two hundred countries and territories wanting to support growth and address their most pressing business issues.
Regarding HDFC ERGO General Insurance
HDFC ERGO General Insurance Company is a partnership between HDFC Ltd. & ERGO International AG, the major insurance arm of the Munich RE Group of Germany. HDFC ERGO is among India’s major non-life insurance private sector businesses. HDFC ERGO, a digital-first company, transitioning to an AI-first organisation, is a pioneer in integrating technology to provide customers with the highest-quality service experience. Using technologies such as Machine Learning (ML), Artificial Intelligence (AI), Robotics, Natural Processing Language (NLP), and IBM Watson, the firm has generated a stream of unique and new goods and services.
HDFC ERGO provides a variety of general insurances and operates a fully digital sales process, with 93% of retail plans offered digitally. HDFC ERGO’s self-help tech platform has enabled clients to access 58% of services remotely in a self-help mode 24×7, with 40% of customers seeking services digitally.
In the retail space, the company offers a variety of General Insurances such as Health, Motor, Two-wheeler, Residence, Travel, Computer hacking, Agriculture, Borrowing, and Personal Accident, as well as Assets, Marine, Technology, Sea Cargo, Collective Health, and Insurance Coverage in the corporate space. HDFC ERGO has been able to please its clients at every tap and milestone to guarantee that consumers are served in real-time, whether through innovative insurances, unified customer service models, best-in-class claim procedures, or a slew of technologically advanced solutions.
Words of Sriram Naganathan
Speaking about the relationship, Sriram Naganathan, CTO at HDFC ERGO General Insurance, said that our aim of assisting clients, particularly millennials, in boarding the insurance journey earlier and securing their futures guides our innovation journey. We regularly adapt how we create and deploy software as part of our digital-first & customer-centric strategy to give clients New, hyper-personalized experiences via digital applications. Through cutting-edge platforms and technologies to increase the creation and deployment of goods and solutions, Google Cloud helps us to effectively make the most of HDFC ERGO’s comprehensive insurance solutions. By digitising the customer journey, our relationship highlights our dedication to providing a seamless user experience.
Characteristics of HDFC ERGO Insurance Coverage
- The plan’s cover of up to 4 family members is enough for today’s nuclear family structures.
- The everlasting renewal feature of HDFC Ergo’s health insurance products protects you from the burden of unanticipated medical crises.
- There are health insurance policies accessible without a rent sub-limit.
- The firm offers a 5% bonus on the insured amount for each year without a claim.
- The policy includes a provision for repayment of medical examination costs following four years with no claims.
Benefits After The Collaboration HDFC ERGO And Google Cloud
- It will help to develop a platform which will aid in digitising insurance purchasing and servicing in India, particularly among millennials.
- It will also try to identify and minimise fraud and other associated risks and swiftly adjust to regulatory changes, using the data sets and foresight offered by Cloud’s AI and ML algorithms.
- Through the portal, HDFC ERGO will introduce cutting-edge insurance products and provide customers with digital and tailored experiences.
- In return, Google Cloud will support HDFC ERGO with all aspects of its operations, from infrastructure and data analytics to customer experience and system integration.
- ICRA has rated the firm as IAAA, signifying a strong claim settlement ratio.
- The company’s policies are all created to the demands of different customer segments and age ranges.
- After selling the insurance, the organisation has a proven track record of providing excellent customer service.
