Tech Debt, Expectations, Talent Challenges in Insurance IndustrySourabh Chitrachar of Liberty Mutual on How Future Is About More Immersive Experience
As the financial services sector adopts digital transformation, it faces imminent challenges that require striking a balance between legacy and new technologies.
According to Sourabh Chitrachar, regional VP for technology strategy and operations, Asia, at Liberty Mutual Insurance, the insurance sector has always practiced caution when adopting new technologies. However, due to disruption caused by insure-tech companies, they are now prioritizing technology investments based on their direct impact on business outcomes and CX, while also balancing the cybersecurity needs. While there is significant potential in AI, its adoption in the industry remains relatively low, with only a few initial use cases, such as claims processing or insurance premium adjustments, being successfully implemented.
"Technologies like generative AI and conversational AI hold great promise for the insurance industry; however, the focus among executives is on achieving a favorable return on investment or ROI. Technologies that offer superior ROI take precedence over those considered nice-to-have," Chitrachar said.
In this video interview with Information Security Media Group, Chitrachar discusses:
- Challenges facing insurance sector;
- Leveraging AI and IoT-based innovations for better CX;
- Safeguarding organizations from cyberthreats like social engineering and identity theft.
Chitrachar is an experienced technology professional with hands-on exposure in strategy, management, service delivery engineering and transformation along with expertise in operations and change management. Prior to Liberty Mutual, he spent more than 10 years at Allianz in various leadership roles.