Rakesh Jain, CEO of Reliance General Insurance: 'We grew 15% in 3 years

Published By: NA​

Published Date: NA

Rakesh Jain, CEO of Reliance General Insurance, highlights how digital transformation is reshaping the insurance industry. He explains that advanced technologies like artificial intelligence and machine learning are driving significant changes in areas such as underwriting and claims processing. These tools not only improve speed but also enhance accuracy, minimising errors and fraud. Jain stresses that customers today require efficient and seamless experiences, making innovation essential for the industry.

He reflects on how the COVID-19 pandemic became a turning point for the industry and resulted in increased adoption of digital platforms. Thus, there was rapid adaptation to digital interactions and uninterrupted services to become more customer-focused. Jain highlights how this shift has redefined the way insurers address customer needs, offering faster solutions and expanding digital access.

Looking to the future, Jain believes in a highly personalised approach to insurance, which can be driven by data analytics to create customised policies. He mentions how integrating predictive models can allow insurers to anticipate customer needs, providing active solutions. He also emphasises the importance of cybersecurity in safeguarding sensitive customer data in an increasingly digital world.

According to Jain, success lies in agility and continuous learning. Organisations must invest in building teams capable of navigating fast-evolving technology and adapting to changing market demands. His insights underline the importance of blending innovation with a customer-first mindset. By embracing digital transformation, insurers can build trust, boost efficiency and deliver enhanced experiences in the general insurance industry.