VMPL
New Delhi [India], May 29: 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."
About Shriram GI
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.
About SAS
SAS is a global leader in data and AI. With SAS software and industry-specific solutions, organizations transform data into trusted decisions. SAS gives you THE POWER TO KNOW®.
SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright (c) 2024 SAS Institute Inc. All rights reserved.
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