Aditya Mall, Appointed Actuary at Future Generali India Life Insurance reveals new opportunities in insurance and the enablers:
Ravi Lalwani: What new types of data are you using in formulating products?
Aditya Mall: At Future Generali India Life Insurance, data-driven innovation underpins our approach to product design analytics. By integrating advanced AI tools, behavioral analytics, and data from wearable health devices, we craft highly personalized solutions that align with individual customer needs. For example, insights from wearable technology help us develop offerings tailored to preventive healthcare, ensuring relevance and engagement. Additionally, psychometric profiling and predictive analytics enable us to anticipate customer preferences, ensuring our products resonate across diverse demographics. This approach reflects our commitment to simplicity, transparency, and customer-centricity in insurance design.
What are the sources of these data types? What is their reliability?
Our data sources include IoT-enabled devices, AI-driven analytics platforms, and direct customer interactions, all of which undergo rigorous validation processes to ensure reliability. For instance, customer data derived from predictive analytics enables us to assess long-term risk factors with precision, while real-time data from chatbots and virtual assistants informs service enhancements. By adhering to board-approved policies and maintaining stringent oversight, we ensure these sources not only meet compliance standards but also foster transparency, trust, and alignment with customer interests.
How do you assess the emerging needs of customers?
Understanding customer needs is a dynamic process, requiring both data and human insights. Through advanced martech integrations, we leverage omnichannel strategies to capture customer feedback at every touchpoint. This enables us to refine our offerings in real-time, ensuring relevance and engagement. For example, our focus on expanding term insurance coverage reflects the growing demand for lifelong financial security among younger demographics. By combining behavioral analytics and experience-driven marketing, we create immersive and emotionally impactful customer journeys that address emerging needs effectively.
In bundling and unbundling different types of risks, what factors do you consider?
Risk bundling decisions are guided by customer affordability, risk correlation, and economic trends. For instance, combining health insurance with critical illness riders provides comprehensive protection at a competitive price. Conversely, unbundling enables us to cater to specific customer needs, such as offering standalone products for niche risks. Factors like investment performance, reinsurance premiums, and customer feedback play a pivotal role in ensuring that these decisions remain aligned with our goal of creating transparent and accessible insurance solutions.
What changes are you seeing in reinsurance that have an impact on designing insurance products?
Reinsurance is increasingly shaped by digital innovation and evolving risk models. For instance, the adoption of parametric reinsurance allows us to address emerging risks such as climate change with greater agility. Additionally, the rising cost of reinsurance in high-risk areas has influenced pricing strategies, particularly for term insurance products in tier 2 & 3 cities. By collaborating with reinsurance partners who share our commitment to transparency and adaptability, we ensure our offerings remain resilient and reflective of changing global risk dynamics.
What new customer segments would the company be targeting in the next 1–3 years?
Our focus in the coming years will expand to include gig economy workers, younger professionals, and women professionals. The gig economy represents a growing segment requiring flexible income protection and health coverage, while younger professionals seek lifelong term insurance with enhanced digital engagement. Additionally, our ‘Women in Insurance’ campaign exemplifies our dedication to empowering women, both as customers and as professionals, by delivering tailored mentorship opportunities and career resources. These efforts align with our vision of inclusivity, innovation, and customer-centric growth.
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