India’s leading private sector general insurance company HDFC ERGO General Insurance is launching a Centre of Excellence (CoE) for generative AI in collaboration with Google Cloud. The latter will be supporting HDFC Ergo with identifying and developing use cases and upskilling their teams on generative AI. 

As a ‘digital first’ organization, HDFC ERGO has been a frontrunner in harnessing technology to democratize insurance and deliver efficient and hyper-personalized customer-centric services. Google Cloud will support HDFC ERGO in establishing best practices and guidelines to ensure the responsible and ethical use of generative AI for their developers. 

By leveraging the capabilities of its CoE, HDFC ERGO aims to develop new products and services, enhance the efficiency of existing processes, and optimize costs. Besides, aligned with HDFC ERGO’s commitment to fostering a future-ready workforce, the CoE will also offer training and upskilling opportunities to employees on generative AI technologies, empowering young jobseekers to stay at the forefront of this rapidly evolving field. 

Last day, Birlasoft Limited,  part of the C.K. Birla Group has established a Generative AI Centre of Excellence, in collaboration with Microsoft. The Generative AI Centre of Excellence will serve as a hub for Birlasoft and Microsoft experts to facilitate research, training, and collaboration.

Under the Hood

Being a digital-first company, HDFC ERGO has embraced AI technology and is known for its exceptional customer service. They have developed innovative insurance products and services AI, ML, NLP and Robotics. The company’s technological platform enables approximately 93% of retail policies to be issued digitally and caters to around 69% of customer service requests on a 24×7 basis, with 19% of these services handled by AI-based tools.

HDFC ERGO General Insurance Company Limited is a leading non-life insurance company in India’s private sector. It was established through a collaboration between Housing Development Finance Corporation Ltd. (HDFC) and ERGO International AG, a part of the Munich Re Group. After HDFC merged with HDFC Bank Limited, the insurance company became a subsidiary of the bank.

HDFC ERGO offers a comprehensive range of general insurance products, including health, motor, home, agriculture, travel, credit, cyber, and personal accident insurance in the retail segment. Additionally, they provide property, marine, engineering, marine cargo, group health, and liability insurance for corporate clients.

In terms of investments, HDFC ERGO has made two significant ones, with the most recent being a $10 million investment in MedGenome on March 5, 2018. They have also acquired L&T General Insurance Company for $82 million on June 6, 2016.