- 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.
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