HDFC ERGO to redefine insurance offering with a new-age tech platform from Duck Creek Technologies

National, 27th June 2024: HDFC ERGO General Insurance Company, India’s leading private sector general insurer, is proud to announce a landmark initiative with revamp of its core operational business processes. Leveraging new-age technological capabilities offered by Duck Creek platform, this marks a significant milestone in the organisation’s journey towards the commitment of a ‘Digital First’ insurer, with large operational capabilities.

With the deployment of this cutting-edge technology, the insurer will now be equipped to offer enhanced seamless and intuitive experiences to customers and provide better hyper-personalised insurance solutions. Besides, this new-age technology will facilitate making insurance more affordable and accessible to a larger segment of the customers with the roll-out of customised products and tie-up with new-age insurtechs, thereby enabling the insurer to reach out to newer customer segments. This landmark move will help the insurer to build an ecosystem enabling integration with a leading third-party insurtechs through API, allow to offer hyper personalised products and services to the customers, and provide seamless claims experience, all supported by its own engineering team.

Commenting on the adoption of the system, Parthanil Ghosh, Director and Chief Business Officer, HDFC ERGO General Insurance, said, “As a leading non-life insurer of India, who is also committed to offering superior and hyper-personalised solutions to our customers with new-age digital solutions, we understand the importance of adapting to an advanced technology platform. Hence with an aim to deliver more value to our customers in an ever-evolving world, we began this journey with Duck Creek a year and a half back, and today we are happy to announce our next step of implementation of this platform. The robust power of this new platform enables us faster go-to-market capabilities, customised offerings, improved efficiencies, and enhanced data security. We are confident that this new initiative will help us in addressing the evolving needs of our customers with innovative and customised solutions, and contribute towards the regulator’s vision of making insurance affordable and accessible of citizens of India.”

Rohit Bedi, Chief Revenue Officer, Duck Creek Technologies said, “It is an exciting phase for the India insurance industry given the transformative reforms, rapid digital transformation and increasing consumer awareness. The IRDAI has set a visionary goal of Insurance for all by 2047 and we are proud that our innovative SaaS-native next-gen core insurance delivery solutions have been chosen by HDFC ERGO to enable them to expand the reach of insurance to the underserved and enhance penetration of insurance across the country.”

The cloud-native architecture of Duck Creek’s solutions provides reliability, scalability, agility, and security allowing it to adapt to changing customer and sector needs. The no code and low code technology platforms will allow for easier maintenance and adaptation to changes, while also enabling a personalised, data-driven and rule-based sales process. Besides this, the automated processes are expected to reduce the Turn Around Time during policy issuance and claims management, and will empower the insurer to offer innovative products faster and enhance customer convenience. The technology shifts from data and people processes will allow the Company to leverage the power of data analytics to gain deeper insights into customer preferences and journeys.

With the adoption of this new platform, and by leveraging APIs to enable partner ecosystems, the solution enhances data enrichment using third-party sources and offers an intelligent product suggestion engine based on customer preferences. This approach ensures a simple user-friendly experience with the ability to quickly adapt to market and regulatory developments.

HDFC ERGO is leading the way in revolutionising the customer experience through innovative digital-first initiatives. By leveraging technology and data, the organisation is empowered to address need-based demands and offer hyper-personalised services that enable it to provide customised solutions. HDFC ERGO has always been at the forefront of innovation in the insurance industry and launched innovative platforms such as ‘here.’, a unique proposition that goes beyond traditional insurance, focusing on health, wellness, and mobility to address real customer issues. Similarly, the organisation’s strategic partnerships with institutions like IIT Bombay and collaborations with tech leaders like Google Cloud and Meta to provide seamless and convenient solutions at each point reflect its approach to staying ahead in the digital landscape.

About HDFC ERGO:

HDFC ERGO General Insurance Company Limited was promoted by erstwhile Housing Development Finance Corporation Ltd. (HDFC), India’s premier Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group. Consequent to the implementation of the Scheme of Amalgamation of HDFC with and into HDFC Bank Limited (Bank), one of India’s leading private sector bank, the Company has become a subsidiary of the Bank. HDFC ERO is one of India’s leading non-life insurance company in the private sector. A digital-first company, transforming into an AI-first company, HDFC ERGO is a leader in implementing technology to offer customers the best-in-class service experience.

The company has created a stream of innovative & new products as well as services using technologies like Artificial Intelligence (AI), Machine Learning (ML), Natural Processing Language (NLP), and Robotics. HDFC ERGO offers a range of general insurance products and has a completely digital sales process with ~94% of retail policies issued digitally. HDFC ERGO’s technology platform has empowered the customers to avail 75% of the services digitally on a 24×7 basis with ~17% of the customer requests serviced by Artificial Intelligence-based tools. The Company has one of the best claims payout ratios in the General Insurance industry.

The Company offers a complete range of General Insurance products including Health, Motor, Home, Agriculture, Travel, Credit, Cyber and Personal Accident in the retail space along with Property, Marine, Engineering, Marine Cargo, Group Health and Liability Insurance in the corporate space. Be it unique insurance products, integrated customer service models, top-in-class claim processes or a host of technologically innovative solutions, HDFC ERGO has been able to delight its customers at every touch-point and milestone to ensure consumers are serviced in real-time.

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