Transforming HDFC Life: CTO Rohit Kilam on Shaping Tomorrow’s Operating Model with Technology and Data

In the fast-evolving world of insurance, staying ahead requires not just incremental improvements but transformative change. At HDFC Life, this transformation is being driven by an ambitious program called “INSPIRE.” Spearheaded by CTO Rohit Kilam, INSPIRE represents the first major overhaul of HDFC Life’s technology and operational framework in over a decade, setting the stage for the next cycle of growth and innovation.

Rohit Kilam, in an exclusive discussion, offers a deep dive into how this transformation is unfolding. With a focus on revamping the partner and distribution ecosystems, HDFC Life is building a unified, cutting-edge platform that leverages the power of data, automation, and advanced technologies

Some edited excerpts:

From HDFC Life’s perspective, can you provide an overview of the transformation program you’re currently undertaking?

At HDFC Life, we are in the midst of a significant transformation program, which we’ve named “INSPIRE.” It’s akin to changing the tyres while driving, as we continue to enhance our existing insuretech platform while simultaneously building a new, cutting-edge platform. This is our first major transformation initiative in over 11 years, marking a new cycle of investment and technological advancement. The INSPIRE transformation program is expected to achieve several key objectives. Firstly, it will enhance our partner ecosystem, making us more innovative in our product offerings. Secondly, we will revamp our distribution ecosystem, leading to a 360-degree change across our entire platform and technology infrastructure.

The program is divided into different parts and involves various tech partners. We’ve already started going live with some smaller parts of the program, and we expect the first MVP (Minimum Viable Product) to be live by Q4.

What are some of the key technologies you are focusing on in this transformation?

A significant focus for us is on getting the data piece right. We are creating a unified data platform with the help of Google Cloud, which is crucial as insurance is fundamentally a data-driven business. Additionally, we are leveraging ServiceNow for middle-office operations and process management, and Microsoft for customer service solutions. We’re also working on a virtual office model, essentially building an office within an app to enable comprehensive digital operations.

The unified data platform will enable us to identify customers through a unique customer account number rather than just a policy number. This will allow us to service customers more effectively and provide a seamless end-to-end experience.

How is automation playing a role in HDFC Life’s operations?

Automation is integral to our operations. We utilize a bot platform extensively across our landscape, which helps in faster processing, reducing cumbersome processes, and improving efficiency. Bots are particularly useful in customer service, operations, new business, and sales management processes. We’re also exploring more intelligent bots, incorporating AI and NLP (Natural Language Processing) to handle complex tasks. Over time, these bots have evolved from simple Excel automations to more sophisticated tools. For instance, in underwriting, bots can analyze data from diverse sources, compare OCR-driven documents, and provide recommendations, creating a powerful end-to-end solution.

Looking towards the future, which technologies do you believe will have a significant impact on the life insurance industry?

In life insurance, the trend is toward greater use of AI and machine learning. However, med tech is also becoming increasingly important, particularly in areas like video scans for medical recommendations. As wearable devices become more accurate and receive regulatory approval, they will play a larger role in creating highly personalized products.

Do you foresee partnerships with wearable manufacturers to offer more personalized recommendations?

Currently, much of the work with wearables is focused on health insurance. In life insurance, we still rely on mobile data. However, in the future, if we can bundle both health and life insurance data, it could lead to very personalized and innovative offerings.