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Last Updated : May 23, 2019 03:52 PM IST | Source: Moneycontrol.com

Why technology is a strategic priority for insurance companies today

Rakesh Wadhwa, CMO, EVP - Strategy & Retail Assurance at Future Generali India Life Insurance takes us through the company’s vision in tech adoption to achieve business goals.

Moneycontrol Contributor @moneycontrolcom

“Technology used to be a competitive advantage at one point in time but now it is a strategic priority and new imperative for businesses across,” says Rakesh Wadhwa, CMO, EVP -- Strategy & Retail Assurance, Future Generali India Life Insurance.

He believes that the new developments in the areas of AI, ML and neurosciences will change the insurance landscape as new use cases emerge.

Future Generali India Life Insurance, which is a joint venture of three leading groups--Future Group, Generali Group and Industrial Investment Trust Limited—today has its operations spread across 104 branches.

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Technology has been a strategic area of investment for the insurer right from the beginning and this has helped the company in being adaptive to the dynamic changes in the market, says Wadhwa.

He emphasizes that technology can only be an enabler and it cannot be an end in itself. “Understanding what the consumers really wants and identifying the business priorities is really the key before using tools and technologies,” he adds.

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First Published on May 23, 2019 03:40 pm
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