Page 208 - India Insurance Report 2023- BIMTECH

196 India Insurance Report - Series II

a) KYC (Know Your Customer) collection of customers during the on-boarding journey;
b) Compliance with AML (Anti Money Laundering) Laws;

c) Compliance with FIU (Financial Intelligence Unit) Guidelines;
d) Auto Reconciliation of multiple regulatory submissions;
e) Anomaly detection across various registers (Premium, Claims, Accounting, etc.).

The benefits to customers include hassle free experience, and to an insurance company, it brings
higher productivity and lower costs, and to the regulator, it brings improved regulatory compliance.

7. Cloud Adoption

The cloud has been one of the most transformative technologies of the past several decades. Every
sector, including the insurance sector, has been adopting the cloud in a big way. The advantages of
adopting a cloud platform are:

a) Agility - It takes minutes to setup a server on the cloud, as opposed to buying and setting up
infrastructure, which could take months on an On-Premise setup;

b) Scalability - It takes minutes to scale up the server to meet the sudden surge in workloads as opposed
to buying large scale infra upfront which involve higher capex investments. Also, post the surge in
workload, it is possible to downsize the infra to normal levels;

c) New Technologies such as:

1. Serverless computing, which would be very difficult to build on an On-Premise Data Centre;
2. AI/ML (Artificial intelligence/Machine learning) based solutions where rapid changes occur;

3. IoT (Internet of Things) based platforms are better suited to be built on the cloud;
4. Big Data Computing which has huge demands on computing.

The greatest benefit of the cloud is the ability to experiment. One could take an idea that the
company wants to try, setup the infrastructure on the cloud, carry out the experiment, and, depending
on the results, decide whether to take that as a main-stream offering or scale down the project. This
allows Insurers to freely experiment without incurring significant costs.

The benefits to customers include newer and quicker products, and to an insurance company it
brings lower turnaround time to get to the market, and an ability to experiment and improve almost as
a culture.

8. Learning Management

As the Insurance industry is going through huge scale changes, this pushes all employees of the
company to undergo continuous learning to remain relevant. A Learning Management system (LMS)
helps onboard new employees and help them acquire the knowledge and skills required to perform their