HDFC ERGO General Insurance: Making Insurance Accessible to All with GenAI
In this exclusive video interview with Sriram Naganathan, President and Chief Technology Officer of HDFC ERGO General Insurance, he discusses the company’s shift in focus from market share to mind share. This change in perspective has driven company’s efforts to enhance customer interactions and engagement.
HDFC ERGO strongly believes in utilizing technology and digital platforms to improve customer experiences. It has gradually transitioned from traditional technology to a more comprehensive digital approach, which began with the development of chatbots and mobile apps to cater to customer needs. Further, the Covid-19 pandemic served as a wake-up moment, highlighting the importance of alternative communication channels.
During the pandemic, HDFC ERGO explored social media platforms and introduced self-service features on WhatsApp, which were well-received by customers. It also implemented functionalities like virtual doctor consultations, demonstrating their commitment to social responsibility. This positive response inspired the company to expand its focus beyond traditional insurance use cases and tap into a larger ecosystem of offerings that could benefit customers. It has developed various sales-related user journeys on different platforms and embraced data-driven decision-making, utilizing AI and now Gen AI to enhance the customer journey across multiple digital channels.
The pursuit of innovation and leveraging digital platforms has kept HDFC ERGO engaged in providing exceptional customer experiences. Recently, It has shown significant interest in the Gen AI space. By rolling out various bots for different customer segments, it aimed to explore new ways of submitting claims through a WhatsApp handle. Driven by its customer-focused approach, the company believes in offering solutions to its customers on the basis of their needs and therefore, the insurer realized that the traditional question-and-answer approach wouldn’t work for farmers in the agricultural insurance space. To address this, HDFC ERGO incorporated natural language processing (NLP) and enabled voice functionality on WhatsApp, allowing farmers to ask questions and receive responses through voice messages. This marked the beginning of Gen AI journey, which it has heavily invested in over the past six months. It also launched a mobile app called “Here” that has been well-received in the market, introducing Gen AI capabilities for servicing needs in the auto and health ecosystems.
Recognizing the need to be on the customer’s preferred platform, HDFC ERGO shifted towards platforms like WhatsApp, where many users engage with the company. It strives to provide a user-friendly and easily consumable experience on these platforms. The evolving customer expectations have become a driving force behind these changes, making it a necessity for companies to adapt.
Fortunately, HDFC ERGO’s management fully supports this evolutionary approach. The regulator has also played a crucial role in expanding the possibilities for all insurance companies, encouraging the company to explore new ways of working. The IRDAI’s call for “insurance for all by 2047” has sparked significant introspection within HDFC ERGO, leading it to expand their reach beyond major cities and cater to a broader audience.
In conclusion, HDFC ERGO General Insurance is pushing the boundaries by shifting its focus from market share to mind share. Through their digital transformation journey and investment in Gen AI capabilities. The company’s commitment to innovation, technology, and customer-centricity, supported by management and regulator, is paving the way for a future where insurance is accessible to all.
