How Generative AI Can Transform the Insurance Sector

Kayzad Hiramanek of Edelweiss Tokio on Digital Solutions for Insurance Distributors
Kayzad Hiramanek, COO, Edelweiss Tokio Life Insurance

In the era of digital transformation, the insurance sector is undergoing a profound shift. Edelweiss Tokio Life Insurance (ETLI) is at the forefront of this transformation, leveraging generative AI to introduce innovative platforms and services.

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As part of its strategic vision, ETLI is embracing a digital-first approach. Prioritizing products, seamless digital experiences, and compliance, the company's tech investments ensure easy interactions with distributors, customers, and regulators, setting a new benchmark.

The company is set to introduce the "office in a box" solution that guarantees policy issuance in minutes. This fully equipped digital workplace, tailored for insurance distributors, empowers them with the necessary tools and technology for seamless operations. This encompasses proposal submissions, customer servicing and robust back-end support.

"Distributors are our invaluable business partners, and we recognize their need for autonomy and streamlined workflows," said Kayzad Hiramanek, COO, ETLI. "Our comprehensive platform covers every facet of their journey from onboarding, training, product knowledge, sales tools to real-time commission tracking."

The company is also addressing another crucial challenge: fragmented reporting due to outdated legacy systems. These systems often result in conflicting data and reports, necessitating a large workforce for reconciliation. To tackle this issue, ETLI is consolidating all data sources into a single, integrated system.

In a video interview with ISMG, Hiramanek also discussed:

  • Use cases of generative AI in the insurance sector;
  • Impact of the Digital Personal Data Protection Act on insurers;
  • Building friction-free solutions for customers, distributors and agents.

With more than 25 years of experience, Hiramanek leads technology, digital, data, operations, and customer service and business transformation efforts at ETLI. His focus is on enhancing scalability, agility and cost-efficiencies within the organization.

About the Author

Sandhya Michu

Sandhya Michu

Senior Assistant Editor - Editorial, ISMG

Michu is an experienced professional with over 10 years of expertise in the ICT industry. She has worked with leading media groups such as Cybermedia, 9.9 media and The Indian Express. Michu's focus areas include enterprise technology and government tech initiatives.

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