Gyanendra Singh, Chief Technology Officer, Aviva India:
Ravi Lalwani: The BFSI sector is rapidly shifting toward more personalized and digital-first financial services. What specific advancements or strategic changes does your organization plan to implement by 2025 to meet evolving market expectations? Are there particular markets where you aim to expand your presence or market share?
Gyanendra Singh: At Aviva, we are evolving our strategy with a strong focus on transitioning from a ‘protection-only’ approach to one that also emphasizes ‘prevention.’ This aligns with our mission to inspire customers to embrace healthier lifestyles through our guiding principles: Physical fitness, Balanced Nutrition, Proactive Health-checks, Mental Well-being, and Financial Security. These pillars form the core of our customer engagement initiatives and product development.
Our Aviva Signature 3D Term Plan, for example, integrates a unique Preventive Wellness Package, which includes a smart Body Composition Monitor and a Smartwatch to track health metrics. The plan also features an AI-powered Nutrition planner that provides personalized dietary recommendations. Additionally, genetic testing and a blood pressure monitor are incorporated for regular health assessments, supporting customers in their preventive care journey.
We are also leveraging AI and data analytics to streamline the insurance process, reducing reliance on traditional medical documentation. This technology helps us provide tailored health recommendations, enhancing customer engagement beyond policy issuance. We are prioritizing expansion in semi-urban and rural markets with digitally driven, low-cost insurance solutions. For instance, we have introduced an innovative product designed specifically for underserved regions, leveraging digital tools for efficient health assessments and streamlined verification.
As you set financial goals for 2025, could you share specific targets, such as revenue growth, customer acquisition metrics, or cost efficiency ratios? How do you plan to leverage key market segments – like real estate, SMEs, or agriculturists – to reach these milestones?
Aviva is committed to supporting IRDAI’s vision of ‘Insurance for All,’ with a focus on expanding our presence in rural areas and enhancing financial literacy. By 2025, we aim to significantly increase our customer base, aiming for a 4x growth in acquisition compared to the previous year. This will be driven by:
Community Outreach: Engaging rural communities through targeted awareness programs and digital platforms.
Strategic Collaborations: Partnering with regional government bodies and NGOs to facilitate deeper market penetration and support state-level insurance initiatives.
Product Innovation: Launching tailored products for underserved demographics, complemented by specialized local distribution strategies.
Our focus on grassroots engagement and partnerships will be pivotal in reaching our ambitious growth targets.
Given the rapid digital transformation in BFSI, can you specify which technology initiatives you plan to prioritize by 2025? What are your key milestones, and how do you measure ROI in terms of operational efficiency or customer satisfaction?
Aviva is leading with a customer-first approach in digital transformation, with several key priorities.
Wellness Integration: We are developing a solution that offers holistic wellness through a combination of AI-driven health assessments, personalized physical and mental fitness guidance and financial planning solutions.
AI-driven Processes: Implementing advanced technologies like computer vision for underwriting, video-based verification, and AI-driven health monitoring tools to streamline customer interactions and reduce turnaround time.
Our key performance indicators focus on customer engagement levels, satisfaction scores, and overall adoption of wellness initiatives. These metrics help us evaluate the ROI based on improved customer experience and retention rates.
With customers increasingly seeking personalized, on-demand financial services, what innovative solutions or digital experiences are in the pipeline to enhance customer experience by 2025?
We are prioritizing the development of solutions that cater to the evolving needs of our customers, focusing on convenience and personalization. Aviva’s new product offerings will reward customers for maintaining a healthy lifestyle, reinforcing our commitment to prevention-focused insurance.
In addition, our AI-powered WhatsApp and web bots provide round-the-clock support, enhancing customer service accessibility. We have also introduced video-based pre-issuance verification to ensure secure and hassle-free policy issuance, leveraging AI for real-time checks directly via smartphones.
As cybersecurity threats escalate, how is your organization strengthening its defence mechanisms? Do you plan to invest in specific technologies or achieve industry certifications by 2025?
Aviva has made substantial investments in fortifying its cybersecurity framework with a zero-trust architecture and advanced technologies for AI-driven threat detection. Our focus extends to addressing the human element of security through education, awareness campaigns, and simulated attack drills.
Our robust Data Loss Prevention (DLP) policy has enabled us to maintain a KPI of zero breaches. The upcoming implementation of the Digital Personal Data Protection Act (DPDP) will further reinforce our security posture. As the adage goes, ‘The price of freedom is eternal vigilance.’
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