Transforming Insurance Sector: AI, Cloud and Digital Culture

Max Life's Suhail Ghai on Tech-Forward Approach to Risk Management
Suhail Ghai, chief digital and information officer, Max Life Insurance Company Ltd.

New business models, technological advancements and regulatory shifts are reshaping the transformative landscape of the insurance industry. Max Life Insurance Company Ltd., the largest non-bank private-sector life insurer in India, is driving digital transformation by building omni-channel customer service, streamlining onboarding experiences for assisted sales and advancing enterprise digitalization.

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Suhail Ghai, chief digital and information officer, Max Life Insurance Company Ltd., outlined the growing role of insurtech partnerships and the integration of cutting-edge technologies such as generative AI and cloud to deliver personalized digital experiences. "In the last three years, we have moved from 12% to almost 75% on the cloud," he said.

"Insurance is a business of managing risk, and traditionally this industry had to balance between risk management and customer experience. There's always one versus another," Ghai said. "With the advent of AI, we are trying to bridge this gap - how can we be more customer responsive and at the same time manage our risk better."

In this video interview with Information Security Media Group, Ghai also discussed:

  • Use of AI in core systems, including underwriting engines, to enable instant policy issuance;
  • Importance of digital-savvy workforce and culture;
  • Improvement in resilience and disaster recovery capabilities after migration to cloud.

Ghai leads technology function for Max Life and is responsible for all facets of IT across infrastructure, operations, enterprise architecture, project management, analytics and solution development. He has more than 20 years of leadership experience across multiple geographies and sectors.

About the Author

Brian Pereira

Brian Pereira

Sr. Director - Editorial, ISMG

Pereira has nearly three decades of journalism experience. He is the former editor of CHIP, InformationWeek and CISO MAG. He has also written for The Times of India and The Indian Express.

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