The future of insurance is digital, intelligent, and customer-first: Gaurav Chaudhri, CTO, Reliance General Insurance
As insurtech continues to reshape the global insurance landscape, India stands at the cusp of a digital transformation driven by technological innovation and customer-first strategies. In this exclusive interview with Express Computer, Gaurav Chaudhri, Chief Technology Officer at Reliance General Insurance, shares his insights on the evolving role of insurtech in the Indian market. From AI and IoT to cybersecurity and digital trust, he discusses how Reliance General Insurance is embracing next-gen technologies to redefine insurance experiences and build a future-ready ecosystem for policyholders.
How do you see the Indian insurance landscape evolving with the rise of insurtech, and what role will Reliance General Insurance play in this transformation?
The Indian insurance sector is undergoing transformative changes, driven by insurtech innovations, personalised policies, and efficient claim settlements. Reliance General Insurance leads this evolution by integrating AI, data science, and automation to enhance customer experiences. According to Deloitte, 70% of Central European insurers have recently partnered with insurtech, with 74% expressing satisfaction, highlighting the global trend of technological collaboration. Emphasising innovation, speed, and customer-centric measures, the industry aims to demystify insurance, boost its adoption, and eliminate service hindrances, steering towards a technology-oriented future.
What are some of the most disruptive technologies you believe will reshape the insurance sector in the next five years?
In the next five years, the implementation of AI in estimating risk, IoT in integration with real-time data streaming, predictive and assisted decision making and analysis will change the face of insurance. Disruption will come not only from these newly personalised big cloud ecosystems but also from real-time pricing and computing. The company is shifting toward a complete digital transformation in hopes of improved customer experience backed by efficiency and the freedom to switch with changing market conditions in the future.
With AI, machine learning, and automation becoming mainstream, how is Reliance General Insurance leveraging these technologies to enhance customer experience and operational efficiency?
Reliance General Insurance is actively using AI, ML, and automation tools to enhance customer engagement, underwriting, and claims management. Predictive analytical tools improve risk assessment and fraud detection while AI-powered chatbots provide customer assistance beyond normal business hours. Efficiency and turnaround times are improved with the use of business process automation tools. The company strives to enhance digital interactions by providing options for self-service, faster and accurate decision-making to enable easy access to insurance and tailoring it to the requirements of the users.
Cybersecurity has become a top concern, especially for financial services. How is your organisation addressing the rising threat of cyber risks, both internally and for customers?
Protecting our customer’s data is essential at Reliance General Insurance. To avoid the misuse of the customer information, the company employs a strong multi-layered security framework involving encryption, threat intelligence services, and real-time monitoring. To help mitigate these risks, we also offer cyber insurance products. These efforts strengthen the reliance of all stakeholders in the organisation while ensuring trust and data security.
Given the sensitive nature of customer data in insurance, what frameworks or strategies does Reliance General Insurance follow to ensure data privacy and compliance with evolving regulations?
Reliance General Insurance has put in place strict data protection measures that follow IRDAI guidelines. We are also using GDPR principles, and other evolving standards. Confidentiality is ensured using encryption, secure data storage, and access control mechanisms. The security is enhanced by regular audits, compliance training, and AI-powered anomaly detection. Taking a privacy-first approach helps us protect the customer information, while also being transparent and trustworthy. This approach makes sure that all regulatory expectations are met and always exceeded as digitalisation changes the landscape of insurance.
How do you balance innovation with risk management when integrating new insurtech solutions into core insurance processes?
As much as self-regulatory innovation evokes progressive strides, risk management becomes paramount in the adoption of insurtech solutions. Seamlessly integrating new technologies is the objective, and Reliance General employs constant feedback monitoring to ensure new technologies meet security and regulatory standards. The company partners with insurtech startups where we assess solutions in a sandbox or controlled environment before any widespread roll out. With these measures in place, it is assured that operational and compliance risk, data security, and customer experience is optimised at the same time.
Looking ahead, what is your vision for the convergence of insurtech and cybersecurity in shaping the next generation of secure, customer-centric insurance offerings?
The convergence of insurtech and cybersecurity will redefine insurance by creating secure, digital-first experiences. AI-driven risk assessment, real time threat analysis, and biometric authentication will enhance trust and fraud prevention. Reliance General Insurance envisions a future where predictive cyber threats analysis and identification will ensure initiative-taking risk mitigation. By integrating advanced security protocols within insurtech solutions, the company will deliver hyper-personalised, secure, and seamless insurance offerings that cater to evolving customer needs while safeguarding their data and assets.
