HDFC ERGO will create an online insurance platform on Google Cloud

New Delhi: HDFC ERGO General Insurance has partnered with Google Cloud to create an online platform for selling insurance, delivering personalized digital experiences to customers, responding faster to regulatory changes, and identifying insurance risks using data analytics and machine learning (ML).

HDFC ERGO plans to fully migrate to the cloud by 2024.

Google Cloud will also assist the insurance provider in integrating IT systems and creating new applications. Google will also provide them with AI/ML technologies to create predictive insights and mitigate insurance fraud.

“Companies around the world are realizing the benefits of adopting cloud technologies. We are delighted to support HDFC ERGO in their journey of modernizing their systems,” said Bikram Singh Bedi, Managing Director of Google Cloud India.

Bedi pointed out that with the power of data and analytics, the insurance provider can deliver a “smooth experience” and “superior services” to customers.

HDFC ERGO CTO Sriram Naganathan said his company aims to onboard customers early, especially millennials.

“As part of our digital-first and customer-centric approach, we are continuously evolving in the way we develop and deploy software to deliver new, hyper-personalized experiences to customers through digital apps,” Naganathan said.

He added that Google Cloud will help unlock the full potential of their wide range of insurance solutions.

BFSI in India has stepped up efforts to leverage cloud and data analytics to deliver enhanced and secure customer experiences.

In June, Max Life Insurance announced a partnership with Amazon Web Services (AWS) to allow customers to purchase insurance in less than 30 minutes. AWS will also allow Max Life to offer faster, more personalized services, such as automated claims and disbursements and the issuance of new insurance policies, the company said at the time.

According to a November report from Gartner, spending on public cloud services in India is expected to grow 29.6% year-over-year (YoY) to reach $7.3 billion in 2022.

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