Recently, we interviewed Neeraj Kaushik who is a Product Leader for the Infosys® McCamish NGIN platform initiative at Infosys McCamish Systems. Neeraj is an innovative and effective leader recognized for achieving exceptional results in highly competitive environments requiring continuous improvement and has driven the business of large-scale technology projects based out of the US, UK, India, and China Geography for the last 20+ years. He has an excellent business domain, architecture, design, and implementation skills in various life insurance administration as well as producer management & compensation systems.
Neeraj has been part of Big 4 Consulting firms where he led digital transformation programs for the Insurance Industry. He also holds LinkedIn top voice badge for Insurtech, AI and Business Analysis. He holds a master’s degree in insurance & risk management from BIMTECH(India) and the designations of ALMI (LOMA) and Fellow (III India). He is also a Fellow Member of RMAI and RMAI-Industry Expert-Life Insurance and AI for US Markets. He can be reached at: https://linkedin.com/in/neerajkaushikprincipalconsultant/
Q. Thank you for joining us today, Neeraj. To begin with, can you share your journey in the insurance industry and how it led you to Infosys McCamish?
A. Thank you for having me. My journey in the insurance industry started over two decades ago when I joined a leading life insurance company-Max New York Life in India. Over the years, I have had the opportunity to work in various roles across underwriting, claims management, policy administration and IT Strategy & Consulting. This diverse experience allowed me to gain a holistic understanding of the insurance business, both from the operational and customer-facing sides. My transition to Infosys McCamish was driven by the desire to leverage technology in transforming insurance processes, making them more efficient and customer centric.
Q. What are some of the key challenges facing the Global Life insurance industry today, especially in the context of digital transformation?
A. One of the primary challenges is the legacy systems that many insurance companies still rely on. These systems are often outdated and unable to support the agility required in today’s fast-paced digital world. Additionally, there is a growing demand for personalized products and services, which requires insurers to harness data effectively. Cybersecurity is another significant concern, as the increase in digital interactions raises the risk of data breaches. Lastly, regulatory compliance is an ever-evolving area that insurers need to stay on top of, especially with the introduction of new data protection laws.
However, these challenges are not insurmountable. Continued innovation, investment in technology, and collaboration between insurers, governments, and other stakeholders can fuel the growth needed.
Q. How does Infosys Mccamish and and it’s flagship product NGIN address these challenges for its clients?
A. At Infosys McCamish, we focus on a few key areas to help our clients overcome these challenges. First, we offer a comprehensive suite of insurance solutions like VPAS and NGIN that are cloud-based and can integrate with existing systems using microservices, enabling a smoother transition from legacy systems. We also emphasize data analytics, using AI and machine learning to help insurers gain insights into customer behavior and optimize their offerings. Cybersecurity is a top priority, and we have robust frameworks in place to protect sensitive information. Lastly, our solutions are designed to be compliant with global regulations, ensuring that our clients can operate confidently in any market.
Q. Could you elaborate on how data analytics is transforming the insurance industry, particularly in customer experience?
A. Data analytics is a game-changer for the insurance industry. It allows companies to move from a one-size-fits-all approach to offering tailored products that meet the specific needs of individual customers. For instance, by analyzing data on customer preferences and behavior, insurers can develop personalized policy recommendations and pricing. Predictive analytics also plays a role in risk assessment, enabling insurers to identify potential risks early and take proactive measures. Furthermore, real-time data analytics helps in improving customer service, as it allows companies to respond to queries and claims faster and more accurately.
Q. The insurance landscape is rapidly evolving with the advent of InsurTech. How do you see the future of traditional insurance companies in this environment?
A. InsurTech has indeed brought about a significant shift in the insurance landscape, introducing new business models and innovative technologies. However, I believe that traditional insurance companies will continue to play a vital role. The key will be in how well they can adapt to these changes. By collaborating with InsurTech firms or adopting their technologies, traditional insurers can enhance their offerings and improve operational efficiency. The future will likely see a more integrated ecosystem where traditional insurers and InsurTech companies work together to deliver value to customers.
Q. What role does automation play in the insurance sector, and how can it be leveraged?
A. Automation is crucial in streamlining operations and reducing costs in the insurance sector. A comprehensive policy administration system is expected to use automation to handle repetitive tasks such as claims processing, policy administration, and customer onboarding. This not only reduces the potential for human error but also frees up resources to focus on more strategic activities. For example, robotic process automation (RPA) solutions can process claims faster, improving turnaround times and customer satisfaction. Automation also helps in compliance management, ensuring that all processes adhere to regulatory requirements without manual intervention.
Q. What advice would you give to insurance companies looking to embark on their digital transformation journey?
A. My advice would be to start with a clear vision and strategy. Digital transformation is not just about implementing new technologies; it’s about rethinking how you do business. Begin by identifying the areas where digital tools can have the most impact, whether it’s customer engagement, operational efficiency, or risk management. It’s also essential to have the right talent and culture in place to support this transformation. Engage with technology partners who understand the nuances of the insurance industry and can provide customized solutions. Lastly, don’t be afraid to experiment and iterate; digital transformation is an ongoing process, not a one-time project.
Q. Finally, where do you see the US Life insurance industry heading in the next 5-10 years?
A. I see the insurance industry becoming more customer-centric, data-driven, and integrated. With advancements in AI, blockchain, and IoT, insurers will be able to offer highly personalized and dynamic products that evolve with the customer’s needs. We will also see an increase in partnerships between traditional insurers and tech companies, leading to the creation of innovative solutions that address emerging risks such as climate change and cyber threats. Overall, the industry will become more agile, resilient, and focused on delivering value to customers in real-time. Thank You!
