Parvez Mulla, COO, HDFC Life
Insurers in India are struggling to scale profitably amid the economic slowdown, but a handful are able to innovate and thrive. These few Insurance companies are capitalizing their technology DNA to unveil better customer experience and revenue channels. One such firm is HDFC Life which has demonstrated 18% growth while processing over 21,000 annuity payouts and 95,000 transactions in the first 15 days of lockdown.
In an exclusive interview with ETCIO, Parvez Mulla, COO of HDFC Life spoke about a paperless operation and how the company is leveraging new age technologies to boost revenues.
Edited Excerpts:
What is the business impact of Covid-19 on HDFC Life? How are you planning to resume IT operations?
In FY 20, despite witnessing a disruption in the initial days of this pandemic, we have been able to exhibit steady performance and deliver across all key metrics with a growth of 18% based on individual and overall APE, covering over 6 Cr lives.
Covid-19 is an unforeseen development. The impact of the outbreak has been seen across both new business and renewal collections, with customers wanting to conserve cash till clarity emerges. While it might take some more time for things to settle down and a new normal to emerge, we believe that the structural story for insurance remains intact and we expect business to emerge stronger at the end of this pandemic, as has also been the experience in the region in the past.
Going forward, all IT projects will be aligned to the business forecast. The ideal strategy is to build a variable cost model which means the infrastructure cost can scale up or down easily
As digital is overruling traditional methods of services in this pandemic. Have you observed ..
Support the originator by clicking the read the rest link below.
