HDFC ERGO General Insurance has roped in Google Cloud to build an online platform for selling insurance, offering tailored digital experiences to customers, responding to regulatory changes faster, and identifying insurance risks using data analytics and machine learning (ML).
HDFC ERGO is planning to completely migrate to the cloud by 2024.
Google Cloud will also assist the insurance provider with IT systems integration and building new applications. Google will also provide them AI/ML technologies to build predictive insights and mitigate insurance fraud.
“Enterprises around the world are realising the benefits of adopting cloud technologies. We are thrilled to support HDFC ERGO in its journey to modernise its systems,” said Bikram Singh Bedi, managing director, Google Cloud India.
Bedi pointed out that with the power of data and analytics, the insurance provider can provide a “smooth experience” and “superior services” to customers.
HDFC ERGO’s CTO Sriram Naganathan said that his company is aiming to onboard customers early, especially millennials.
“As part of our digital-first and customer-centric approach, we’re continuously evolving how we develop and deploy software to provide customers new hyper-personalised experiences through digital apps,” said Naganathan.
He further said that Google Cloud will help them unlock the full potential of their wide range of insurance solutions.
Banking, Financial Services and Insurance (BFSI) sector in India has stepped up efforts to leverage cloud and data analytics to offer improved and secure experiences to customers.
In June, Max Life Insurance announced a partnership with Amazon Web Services (AWS) to allow customers to buy insurance in under 30 minutes. AWS will also allow Max Life to offer faster and more personalised services, such as automated claims and disbursals and issuance of new insurance policies, the company said at that time.
According to a November report by Gartner, spending on public cloud services in India is expected to increase by 29.6% year-on-year (YoY) to reach a total of $7.3 billion in 2022.