150 BOTs fuel up HDFC Life’s performance engines
- The first life insurance company to deploy 150 bots across 26 functions
- A custom-built ‘Super Bot’ to manage the live BOTs as a 'virtual supervisor'
Mumbai, June 28, 2019: HDFC Life Insurance Company Limited is one of India’s
leading private life insurance companies and is at the forefront when it comes
to technology and innovation. The Company has invested in technology over the
years to build robust backend as well as front end systems to improve efficiencies
and offer superior levels of customer experience. The Company today announced
that it has successfully deployed 150 bots to offer a seamless experience to
employees as well as customers.
Parvez
Mulla, Chief Operating Officer, HDFC Life said, “This journey started a few years ago when
HDFC life introduced various stand alone and workflow systems across the value
chain of insurance covering new business, policy servicing and claims. Given
the complexity of the insurance products, spread across geographies,
multi-distributor model, HFDC Life has strategically identified, experimented
and deployed Robotics Process Automation (RPA) to automate and simplify its
processes.”
The journey started with the first set of 8 BOTs in Oct'16
and slowly grew to 22 BOTs across 9 functions in FY17. Taking the journey
further, the penetration of BOTs grew with many simple to complex use cases in
FY18 and FY19 and now there are 150+ Live BOTs, running across 26 functions.
Over 40% of these BOTs are complex in nature and various transactions are
getting delivered every day.
Further, with a view to create a larger digital footprint
by making the entire BOT deployment cycle fast paced, scalable and delivering
larger values, the Company launched Super BOT – a custom-built platform to
manage the live BOTs as a 'virtual supervisor'.
Jitendra
Agrawal, EVP Business Service & Excellence, HDFC Life added, "With added capability of RPA, we have expanded our
horizon to drive 'HDFC Life Way of Excellence' to a new dimension. Now we have
a scalable and secure platform in the organization to address emerging
opportunities and systematically address the chronic business problems. The
deployment of 150 BOTs across 26 functions is just a beginning of a continuous
effort to make composite use of RPA platform and solution along with AI/ML,
Analytics to create 'Cognitive BOTs' to reimagine the processes and create a
significant shift in customer experience and deliver business value, across the
value chains."
About HDFC Life
HDFC Life Insurance Company
Limited (formerly HDFC Standard Life Insurance Company
Limited) ('HDFC Life' / ‘Company’) is a joint venture between HDFC Ltd.,
India’s leading housing finance institution and Standard Life Aberdeen, a
global investment company.
Established in 2000,
HDFC Life is a leading long-term life insurance solutions provider in India,
offering a range of individual and group insurance solutions that meet various
customer needs such as Protection, Pension, Savings, Investment, and Health. As
on March 31, 2019, the Company had 38 individual and 11 group products in its
portfolio, along with 8 optional rider benefits, catering to a diverse range of
customer needs.
HDFC Life continues to
benefit from its presence across the country with 412 branches and additional
distribution touch points through several partnerships. The partnerships comprise 265 bancassurance
partners including NBFCs (Non-Banking Financial Companies), MFIs (Micro Finance
Institutions), SFBs (Small Finance Banks), etc. and 39 partnerships within
non-traditional ecosystems. The Company is also strengthened by a strong base
of financial consultants.
