'Bima Sugam won't cannibalise existing distribution'

Kotak Life Insurance, which marks 25 years, is banking on artificial intelligence (AI) and a phygital model to drive future growth. Managing director Mahesh Balasubramanian tells Narayanan V about the company’s growth plans, GST impact on industry, and the role of to-be-launched Bima Sugam. Excerpts:

- @ MAHESH BALASUBRAMANIAN, MANAGING DIRECTOR, KOTAK LIFE INSURANCE

I think the ambition is to scale with relevance. Artificial intelligence (AI) is now much closer to execution. Earlier, we couldn’t really see practical use cases, but that is rapidly changing. We have just rolled out a few AI initiatives on the distribution side, and we are also using AI and machine learning (ML) in back-office areas like underwriting and claims settlement. Over the next 12-24 months, we will bring more such solutions into our business model. On the expansion side, we will end this year with close to 400 branches, and we would like to double that network in the next 3.5 years. We are also putting a lot more emphasis on the ‘phygital’ model.

How will the Bima Sugam launch impact the industry?