INDIA BECOMING STRONGER ON THE OTHER SIDE OF THE PANDEMIC

Digital transformation has various facets— ones that emerge from CX needs and ones that arise from the need to do things faster and better internally. Sumanta Ghosh, SVP and Head Technology, Aegon Life Insurance, explains

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HOW HAS YOUR COMPANY BEEN PERFORMING OVER 2022? ELABORATE.

It was an important year for our company and the entire industry. We had just emerged from a Black Swan event with significant financial implications for all insurance companies. Nobody knew whether to expect another Covid wave. Nobody knew how Covid had shifted customer expectations and customer behaviour. So, it was a year when we were prepared for the worst, hoped for the best, and organised the team to be super agile and responsive to external signals.

For us, the strategy and preparedness worked out quite well. For the last few years, we have worked on a digital-only product, digital distribution, and a 100% digital zero-touch underwriting process. Finally, after many proofs of concepts and experimentations throughout the pandemic years, we launched the first set of products in 2022. It marks a first for the industry, and with all probability, this is the direction the rest of the industry will take. The performance exceeded all our expectations, and 2023 and 2024 will be years of the exponential scale of this approach.

HOW ARE YOU KEEPING UP WITH THE EVER-INCREASING DEMANDS FOR DIGITAL TRANSFORMATION?