The Future Will be Driven by AI: CIO, SBI General Insurance

AI is currently being used in various functions at SBI General Insurance and other essential elements like employee training, vendor engagement, framing AI governance is also in progress. The organisation is now ramping up its usage. According to SBI General Insurance CIO, Pankaj Kumar Pandey,  A complete ecosystem for AI is being set up and the results will fructify by next year. 

In an interaction with FE CIO, Pandey unveils the company’s AI strategy, he said.

What’s the future technology roadmap for SBI General Insurance for FY 2025–26?

FY 2025–26 is  a crucial year. On the distribution side, we’ve already transitioned to a new platform — a major transformation. Our core system transformation will conclude by the end of this year.

We’ve also taken significant steps in AI — both in groundwork and development. While some parts will go live this year, the real impact will be visible next year.

The future will be driven by AI — generative and agentic. With that, will come challenges around data security, model integrity, and auditability. We’re preparing for this transformation and expect a complete AI-driven revolution within a year.

Additionally, we foresee open insurance models evolving, integrating insurers with other business ecosystems. To summarize: this year, we’ve transformed distribution, core systems, customer portals, and applications. Next year, we’re focusing on scaling AI and expanding digital integration.

Are there any specific initiatives with AI or GenAI in the actuarial and sales departments?

In the actuarial function, we are currently in the planning stage. Actuaries traditionally deal with large amounts of structured data sourced from core systems. With AI, actuaries will soon be able to leverage unstructured data as well. This will allow them to price products based on a wider set of parameters, such as “pay-as-you-use” models.

In the distribution area, we have already integrated AI components into our platform. These include features that can read, understand, and extract information from various types of documents. An AI-powered support system for the distribution team is also on the anvil. It will provide information related to products, processes, and digital platforms in multiple Indian languages.

You mentioned that you have plans to move towards agentic AI. In which areas has AI already been implemented, and in which areas is it currently under implementation?

We have already implemented AI in claims and fraud detection—specifically for motor claims. We will soon launch AI for support and health claim assessments. Gradually, by the end of this year, we will also be launching AI for customer service, where customers will be able to interact directly with AI.

Apart from initiatives on the customer service and distribution side, we are also taking major steps in internal operations. There are different kinds of services that customers require, and these are fulfilled by our operations team. There are two or three main elements to this process: receiving customer requests, verifying the data, information or documents, and finally executing those transactions.

We are introducing technology in all these directions. At certain points, decision-making is also required based on inputs received, and that is where a combination of generative AI and RPA (Robotic Process Automation) will help us automate the process end-to-end.

We have already implemented automation for a few service requests and have seen a dramatic improvement in turnaround time for those services.

Are you training your employees to adopt an AI-first mindset?

Yes, absolutely. AI is not just about using ready-made solutions — it involves understanding core AI models and large language models (LLMs).

At the leadership level, we are discussing governance, control, and security frameworks. At the execution level, we are exposing our in-house teams and Center of Excellence to hands-on workshops with Google, Microsoft, and AWS.

We are also conducting POCs and directly involving our teams in implementations. Since AI requires continuous experimentation — with some initiatives succeeding and others failing — we are developing in-house AI capabilities through ongoing training and exposure.

Beyond the IT team, how are you reskilling other departments like sales and distribution, and leveraging the broader SBI Group’s tech expertise?

We conduct different levels of engagement across the organization.

For technical teams, we arrange hands-on workshops and deep-dive sessions. For top management, we hold strategic sessions with Gartner, Google, and AWS to discuss governance, opportunities, and risks.

For middle management, the focus is on operational awareness — understanding what AI can do, its limitations, and what to guard against. Continuous exposure through such forums helps build understanding across all levels.

Finally, at the SBI Group level, is there a broader AI collaboration underway?

Yes, discussions are ongoing at the group level, particularly around AI governance. SBI Bank has already taken steps in this direction, and we’re leveraging their experience to shape our governance framework.

On the technology side, the use cases differ across industries, so we’re conducting our own POCs and experiments while aligning with the group’s overall governance standards.