MUMBAI: General insurance company HDFC Ergo and technology major IBM have jointly set up a lab in India to run deep analytics on customer data and subsequently develop customised solutions to improve business efficiency and profitability.The ‘IBM Garage’ with a team of 25 experts, including data scientists, technology architects and design engineers from IBM and experts from HDFC Ergo, are working on various test cases aimed at improving customer experience. “We would run analytic models on large amounts of data footprints generated by customers to get a deeper understanding.”HDFC Ergo said the development is in line with their broader strategy of digitising operations to bring down operating cost. We recognise ourselves more as a fintech now than a traditional insurance player,” Mansoori said. “We will move towards digitally-enabling our agents as well.”In the next phase of the project, the team will deploy deep learning technology to “decipher more about customers” and create personalised policy packages, IBM said. Video analytics for remote communication purposes will also be tested in the next phase.

Source: Economic Times May 17, 2019 09:30 UTC