**Mumbai**: Rohit Kilam, CTO of HDFC Life, discusses the pivotal role of IoT in revolutionising insurance with Srajan Agarwal from ENN. The firm’s initiatives for digital transformation emphasise customer engagement, efficiency, and innovative product offerings while integrating AI and ML for enhanced operations.
Rohit Kilam, Chief Technology Officer at HDFC Life Insurance, has highlighted the significant role of Internet of Things (IoT) technology in transforming health and life insurance products and services. In an exclusive discussion with Srajan Agarwal from Elets News Network (ENN), Kilam elaborated on the company’s strategic initiatives aimed at enhancing customer engagement through real-time data and operational efficiency.
As part of HDFC Life’s ongoing digital transformation, the firm is launching a range of innovative products and building a future-ready insurance platform. The initiative includes a unified data platform, improved business process management, and the introduction of a branch-in-an-app model. Kilam noted, “We plan to embed intelligence natively in the platform,” which aims to significantly shift the company’s approach to customer-centric services, particularly in claims processing and servicing.
Kilam emphasized the transformative potential of IoT in the insurance sector, explaining that “real-time feedback can sharpen product pricing and help define context-aware products.” He pointed out that IoT can also enrich customer engagement, particularly through wellness programmes that provide valuable insights. Furthermore, he mentioned that IoT data could be instrumental in improving risk management, claims processes, and underwriting practices.
The conversation also delved into HDFC Life’s efforts to digitise customer touchpoints, enhancing the overall experience from onboarding to servicing. Kilam outlined a variety of digital products aimed at streamlining processes, including customer quote generation and AI-driven recommendation engines. For customer servicing, the company has implemented self-service chatbots, automated branch processes, and advanced complaint prediction systems.
AI and machine learning (ML) are pivotal in HDFC Life’s operations, particularly in underwriting and risk assessment. Kilam discussed how these technologies are applied in various ways, such as customer authentication, identifying high-risk cases for early claims, investigating potential fraud, and predicting customer persistency. “We use AI and ML models to underwrite insurance policies and integrate these technologies across various processes,” he stated.
To cultivate a technology-first culture within HDFC Life, Kilam outlined key strategies such as fostering innovation, investing in emerging technologies, and promoting cross-departmental collaboration. “Providing employees with the tools and resources they need to explore new technologies is essential,” he remarked. Furthermore, the company has implemented a SkillUP programme to ensure that teams remain adept with the latest advancements in technology.
Discussing HDFC Life’s approach to investing in emerging technologies, such as blockchain and quantum computing, Kilam explained their method of ‘play first and adopt later’. This entails conducting proofs of concept and pilot experiments with new technologies before fully integrating them into mainstream operations.
Looking forward to 2047, Kilam expressed a vision where technology is integral in realising the aspiration of “Insurance for All” in India. He underscored the increasing importance of protection policies amid societal changes and advancements in medical science. To navigate future challenges, he advocated for a focus on personalisation and data-driven approaches while also reducing servicing costs through agentic processes.
Kilam concluded that continuous innovation and experimentation will be crucial for the insurance industry’s survival, asserting that organisations must invest in training and development to foster these technological advancements.
Source: Noah Wire Services
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