Mumbai—August 18, 2020—Edelweiss Tokio Life Insurance has partnered with Element AI, a global developer of artificial intelligence-powered (AI) solutions and products, to develop a strategic AI roadmap for the new-age insurer and prioritise investments.
Commenting on the development, Nilesh Parmar, Chief Operating Officer, Edelweiss Tokio Life Insurance said, “As an organisation, we are focused on building agility and scalability within our processes and systems. With a single-minded focus of delivering a seamless and superior customer experience, we want to empower ourselves with new-age technologies like artificial intelligence that can help us better serve our customers. We are glad to have found a like-minded partner like Element AI to assist us in this transformation journey.”
The Element AI Advisory and Enablement team will work closely with Edelweiss Tokio Life to create an actionable roadmap for strategic AI deployment for the company, which will ultimately support a detailed AI transformation plan. This work will utilize unique learnings and insights from Element AI to establish technical feasibility and identify AI use cases.
“Insurers globally are facing mounting challenges in meeting evolving customer expectations and optimizing processes efficiently,” said Luis Gonzalez - Managing Director APAC, Element AI. “As a leader in AI-driven solutions to solve these challenges, we are excited to work with Edelweiss Tokio life to design and implement a strategic roadmap to prioritize their investments into AI.”
Element AI Advisory and Enablement services help organizations like Edelweiss Tokio Life accelerate AI adoption by:
- Identifying how AI can help address the key challenges facing a business and finding the unique AI investments that balance creating value today with building capabilities for tomorrow.
- Assessing the potential of a company’s current data, technology and software infrastructure to deploy AI workflows and systems through a strategic lens.
- Empowering employees to work smarter with AI by building an organization’s literacy and trust to work with AI.
- Establishing a framework for trustworthy, explainable and responsible AI for now and the future.
About Edelweiss Tokio Life Insurance
Edelweiss Tokio Life Insurance Company Limited is a joint venture between Edelweiss Financial Services Limited, one of India’s leading and diversified financial services companies and Tokio Marine Holdings Inc, one of the oldest and largest insurance companies in Japan. Edelweiss Tokio Life Insurance launched its pan-India operations in July 2011, offering proprietary need-based solutions to help customers meet their life stage financial goals. This lineage brings together a deep understanding of customer needs and international expertise. The company is headquartered in Mumbai serving over 2.02 lakh customers through 43,681 personal finance advisors as on March 31, 2019 across 121 branches in 93 major cities.
Edelweiss Tokio Life Insurance has been consistently recognized for its Product Innovation capabilities at several forums, namely Golden Peacock Awards 2018, Golden Globe Tigers Awards 2018, ET NOW - BFSI Awards 2018, Times National Award for Marketing Excellence 2018, India Insurance Summit 2019 and Skoch Awards 2019.