MUMBAI: General insurer HDFC Ergo and technologies important IBM have jointly set up a laboratory in India to conduct deep analytics on client information and then develop customised solutions to enhance company efficiency and sustainability.
The’IBM Garage’ using a group of 25 specialists, including information scientists, engineering architects and design engineers from IBM and specialists in HDFC Ergo, are focusing on different test cases aimed at enhancing consumer experience. Their first job, that was underway for two weeks, is to create an automatic real time email-communication alternative for client queries and decrease turn-around time on redressals, leading executives from the firms told ET.
“We are seeking to increase speed, agility, consistency and high quality of our communication channels,” said Mehmood Mansoori, member of executive direction, HDFC ERGO. “The concept would be to leverage IBM Watson technologies to enhance the general interface and experience as we want to increase our digital existence.”
Neither IBM nor HDFC Ergo revealed the investment figure for preparing the laboratory, even as the insurance subsidiary of HDFC called it”significant”.
IBM Watson is a response-generating software created by the New York-based IT giant, which using machine-learning and artificial intelligence (AI-ML) capacities can produce real-time customized answers and also automate call-centre procedures.
“There are just four to five layers of intervention in processing a client criticism and providing a typical reply, we would like to provide a full-blown alternative with no layers.” “We’d run analytical models on Considerable Amounts of information footprints made by clients to get a deeper
HDFC Ergo explained the growth is in accordance with their wider strategy of digitising surgeries to bring down running cost. “Currently, about 65 percent of our post-issuance servicing is completed on line. Through this partnership we would like to grow that to 85 percent at the conclusion of this financial,” explained Mansoori.
The third-largest personal general insurance company has a client base of approximately 11 million and issued almost 8.5 million policies this past year, based on Mansoori. Regardless of using a broad network of 15,000 representatives, nearly 95 percent of those policies were issued via paperless and automatic flows, ” he explained.
“Chaining marketplace dynamics have caused us to alter our business model. We recognise ourselves as a fintech now compared to a conventional insurance policy participant,” Mansoori explained. “We’ll proceed towards digitally-enabling our representatives too.”
MUMBAI: General insurance company HDFC Ergo and technology major IBM have jointly set up a lab in India to run deep analytics on customer data and subsequently develop customised solutions to improve business efficiency and profitability.
The ‘IBM Garage’ with a team of 25 experts, including data scientists, technology architects and design engineers from IBM and experts from HDFC Ergo, are working on various test cases aimed at improving customer experience. Their first project, which has been underway for two months, is to develop an automated real-time email-communication solution for customer queries and reduce turn-around time on redressals, top executives from both companies told ET.
“We are looking to improve speed, agility, consistency and quality of our communication channels,” said Mehmood Mansoori, member of executive management, HDFC ERGO. “The idea is to leverage IBM Watson technology to improve the overall experience and interface as we seek to improve our digital presence.”
Neither IBM nor HDFC Ergo disclosed the investment figure for setting up the lab, even as the insurance subsidiary of HDFC called it “significant”.Also read: Best 10 Email Marketing Tools in 2021
IBM Watson is a response-generating software developed by the New York-based IT giant, which using machine-learning and artificial intelligence (AI-ML) capabilities can create real-time custom responses and automate call-centre processes.
“There are four to five layers of intervention in processing a customer complaint and giving a standard response, we want to “Chaining marketplace dynamics have caused us to alter our business model. We recognise ourselves as a fintech now compared to a conventional insurance policy participant,” Mansoori explained. “We’ll proceed towards digitally-enabling our representatives too.”
Within another phase of the job, the staff will deploy profound learning technology to”decode more about clients” and produce personalised policy bundles, IBM said. Video analytics for distant communication functions are also analyzed in the next stage.
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