The latest enhancements and capabilities of the system will increase its efficiency, enable insurance coverage to reach the final mile, and improve client satisfaction through enhanced hyper-personalized products.
The top private sector general insurer in India, HDFC ERGO General Insurance Company, is pleased to announce a historic effort that involves a complete overhaul of its fundamental business operations.
Using the cutting-edge technology capabilities provided by the Duck Creek platform, this is a major step forward for the company in its goal of becoming a “Digital First” insurer with extensive operational capabilities.
The insurance company will now be able to provide consumers more fluid, intuitive experiences as well as superior, hyper-personalized insurance options thanks to the implementation of this cutting-edge technology.
Additionally, with the launch of tailored solutions and partnerships with cutting-edge insurtechs, this new technology will make insurance more accessible and inexpensive for a wider range of consumers, allowing the insurer to reach out to newer customer groups.
This historic action will assist the insurer in creating an ecosystem that will enable integration with top third-party insurtechs via API, enable it to give consumers with hyper-personalized goods and services, and provide a frictionless claims experience, all with the backing of its own engineering staff.
Commenting on the adoption of the system, Parthanil Ghosh, Director and Chief Business Officer, HDFC ERGO General Insurance, said, “As a leading non-life insurer of India, who is also committed to offering superior and hyper-personalised solutions to our customers with new-age digital solutions, we understand the importance of adapting to an advanced technology platform. Hence with an aim to deliver more value to our customers in an ever-evolving world, we began this journey with Duck Creek a year and a half back, and today we are happy to announce our next step of implementation of this platform. The robust power of this new platform enables us faster go-to-market capabilities, customised offerings, improved efficiencies, and enhanced data security. We are confident that this new initiative will help us in addressing the evolving needs of our customers with innovative and customised solutions, and contribute towards the regulator’s vision of making insurance affordable and accessible of citizens of India.”
Rohit Bedi, Chief Revenue Officer, Duck Creek Technologies said, “It is an exciting phase for the India insurance industry given the transformative reforms, rapid digital transformation and increasing consumer awareness. The IRDAI has set a visionary goal of Insurance for all by 2047 and we are proud that our innovative SaaS-native next-gen core insurance delivery solutions have been chosen by HDFC ERGO to enable them to expand the reach of insurance to the underserved and enhance penetration of insurance across the country.”
Duck Creek’s cloud-native architecture offers security, scalability, agility, and dependability, enabling it to adjust to the shifting demands of its clients and industry. The technological platforms that don’t require code or little code will facilitate a customised, data-driven, and rule-based sales process in addition to making maintenance and change management simpler.
In addition, it is anticipated that the automated procedures will shorten the turnaround time for policy issuance and claims handling, enabling the insurer to provide novel products to clients more quickly and more conveniently. The company will be able to take use of data analytics’ power to obtain deeper insights into client preferences and journeys as a result of technological advances away from data and people operations.
The solution delivers an intelligent product suggestion engine based on consumer preferences and improves data enrichment using third-party sources with the adoption of this new platform and partner ecosystems enabled by employing APIs. This strategy guarantees an easy-to-use interface that can swiftly adjust to changes in the market and in regulations.
HDFC ERGO is spearheading new digital-first initiatives that are revolutionising the customer experience. Through the utilisation of technology and data, the organisation gains the ability to respond to needs-based requests and provide highly tailored services, allowing it to offer unique solutions.
HDFC ERGO has consistently been at the forefront of innovation in the insurance sector, having introduced cutting-edge platforms like “here.,” a special offering that transcends standard insurance and focuses on mobility, wellness, and health to solve actual consumer problems.
In a similar vein, the company’s aim to remaining ahead of the curve in the digital sphere is seen in its strategic alliances with establishments such as IIT Bombay and partnerships with industry titans like Google Cloud and Meta to deliver streamlined and practical solutions everywhere.