Shriram General Insurance (SGI), a reputed non-life insurer
has partnered with SAS, a leader in analytics and AI solutions, signifying a
strategic step towards embracing technology-driven solutions. To keep pace with
the latest technological advancements within the insurance sector, Shriram GI
sought a solution that would address their current needs and provide a robust
foundation for future growth and innovation.
The company identified several key areas where technological
modernisation was imperative to maintaining relevance - across managing
analytical workloads, meeting regulatory reporting requirements, and ensuring
accuracy and efficiency in actuarial analytics. These hurdles hindered the
seamless integration and analysis of data, impacting operational efficiency and
strategic decision-making processes.
To address these challenges, Shriram GI chose to leverage SAS
Viya as its AI & analytics platform across multiple domains. SAS Viya would
serve as a core platform for handling actuarial workloads and analytics,
facilitating processes with enhanced efficiency and accuracy. It would
streamline regulatory reporting measures, ensuring seamless compliance with
IRDA and other regulatory bodies' requirements.
SAS Viya was set up on SAS’ platform using Hosted Managed
Services (HMS). With this private cloud, Shriram GI is ensured of one-stop
ownership and continuous uptime. Shriram GI is set to leverage SAS Viya for
analytical underwriting as well, using data-driven insights to make informed
decisions in risk assessment and policy issuance. SAS Viya would also help
foster innovation with its capabilities for AI model building.
Anil Kumar Aggarwal, CEO, Shriram
General Insurance said, "As a key player in the insurance sector, we must
stay ahead of the curve in terms of technology. Partnering with SAS aligns with
our vision for technological modernization and reinforces our commitment to
innovation and excellence."
Noshin Kagalwalla, Vice President
& Managing Director, SAS India, said, "We are excited to collaborate
with Shriram General Insurance on their journey of technological
transformation. SAS Viya's advanced analytics and AI capabilities will empower
SGI to unlock new opportunities for growth and differentiation in the dynamic
insurance landscape."
Shriram General Insurance is a joint venture between Shriram
Group and Sanlam Limited, game-changers in the finance industry. As a result of
its incorporation in July 2006, the Company aims to provide individual
customers with commercial and personal insurance solutions. Since its
inception, Shriram General Insurance has strongly supported the growth and
development of the common man. By collaborating closely with marginalized
communities, Shriram GI has been focusing on building meaningful relationships,
and creating effective and sustainable solutions.
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