The invisible Underwriter: IT

NOIDA, INDIA: Max Life Insurance's Head-IT, Hitesh Arora is playing on an interesting posture at Capgemini Super Techies Show, a reality television show for Information Technology (IT) professionals where a battle is on among India's brightest minds to solve real business challenges faced by some of India's largest enterprises around areas like technical expertise, sharp business acumen and problem solving skills to develop the best possible solution. Here Arora gives a peek into how the portfolio of IT is growing and churning out value for this Super Techie.

How is IT being used for your industry and at your company?

The role of technology is undeniable in driving operational efficiencies, enhancing customer interface and business growth. Technology has helped us create a strong process-driven culture at Max Life Insurance. After over 10 years in life insurance, we see technology as an important growth enabler. The primary use of technology is not only to increase efficiency by saving time but also to reduce human error.

How exactly?

Technology has a part to play in facilitating end-to-end solutions in a long term contract like life insurance. Starting from product design where consumer needs are collected and evaluated to shape a product to underwriting lives and accounting for maturity settlements and claims, technology is critical. IT smoothens the process flow of approvals, claims and payments by providing options to the customer. The role of information technology is critical in the efficient handling of customer relationships as well as engaging them through customer analytics. Analytics helps in efficiently identifying the needs of existing policy holders and offer them customized product solutions and service options.

The effect is visible already? How unique is it?

Information Technology contributes significantly in creating a customer centric environment and reduced time to serve our customers. Today life insurers have used technology efficiently to create customer delight factors such as providing fund performances, market updates, advices and important date reminders through customer portal, e-mail and mobiles.  We have also built a ‘Single View’ on the service desk for our customers, which enable better quality of service through premium payment reminders, online payments and policy renewals.

Max Life Insurance has also facilitated its agents with a portal, which provides online information to them on renewals, premium receipts and other details, which are useful for their customers. The functionality of this portal is reviewed on a periodic basis and enhanced based on the needs of the agents. Certain practices such as paperless transactions have been pioneered by us. Right from handling the proposal form to issuing the policy has been automated using intelligent work flow systems interfaced with high end policy administration system.

Any legacy references for sharing comparison highlights between past and present?

There is no legacy reference to share any comparisons. Being a fairly young company, we had choices to start with latest Technologies.

How apt is technology turning out in areas like claim management, policy tracks, online transfer etc.

Technology is one of the levers while servicing the customers, especially in the area of Claim Management, Policy tracking, online monies transfer or switching. Besides enabling the control points, it facilitates the service ensuring process compliance, quick & easy access, faster processing, self servicing etc.

How much and where exactly do you intend to invest in IT further?

Being ten- years old, Max Life Insurance has substantial data to analyse, which could predict customer choices, behavior, pattern, peaks and turfs in business landscapes etc. As a result a major investment is being carried out in building effective and efficient Business Intelligence capabilities at Max Life Insurance. In addition Technology is entrusted with the responsibility to evaluate and innovative use of Newer Technology developments to support, enhance and build on the Operational efficiencies, productivity and cost efficiencies.

Any recent deployments or tech add-ons?

Cloud is a real option; however it has its own challenges. Hence we would be evaluating it for its usage, deployment, access, cost optimization and fitment.

How do you reckon the relevance of technology with compliance level requirements that IRDA etc call for?

Once again Technology is the enabling factor here, which ensures such compliances are maintained and adhered to.