During the Trescon’s Big CIO Show & Awards, industry experts discussed the significant impact of Artificial Intelligence (AI) across the entire technological landscape. They highlighted how it has been integrated into hardware and software solutions that drive business and technological advances. The event was attended by over 600 C-level executives and was a hub of thought leadership, offering a dynamic platform for industry pioneers to exchange insights and deliberate on the forefront of technological innovation in AI. The Big CIO Show 2024 emphasized the pivotal role AI has played in revolutionizing business strategies and customer engagement.

Strategies for Life Insurance and Contact Center Optimization

To bring innovation in life insurance companies it requires a clear vision. It is essential to keep exploring new technologies and their potential use cases through the innovation hub. Conducting proofs-of-concept (POCs) for innovative ideas at small costs initially to evaluate the feasibility and, upon success, scale up the initiative, and if not, drop it and Implement an algorithm to check the liveliness of customers through selfies for pension/IoT products, after successful POC, to simplify the annual check-in process for senior customers.

When optimizing contact center operations, it's crucial to identify suitable processes for automation and prioritize them based on their potential impact. Contact center employees must also be trained to handle unsolvable queries and address their concerns to ensure a smooth transition to automation.   

Kirti Patil Chief Technology Officer, Kotak Mahindra Life Insurance Company Limited said that "You will be able to succeed with your automation strategy and business use case everywhere, and it is important to identify the right use case"

Balancing Cybersecurity and Creativity

The CIO's primary job is to ensure the organization's operations run smoothly, with cybersecurity fundamentals in place and infrastructure support. They also need to focus on innovation, evaluating new technologies like AI and investing in areas with long-term potential.

Innovation initiatives require a strategic narrative that resonates with CXOs. This narrative should emphasize the value of creativity in finding savings and scaling up Proof of Concepts (POCs) through partnerships with big tech and startup ecosystems. It is also important to craft the right narrative to secure funding, emphasizing the need to speak in a language that resonates with CXOs.

Shruti Kashyap, Chief Information Officer, Hindustan Unilever said "They can utilize more innovation will create your skills rather than focusing on the repetitive manual work they've been doing"

Embracing Automation for Organizational Success

As a Chief Information Officer (CIO), it is significant to see the role as a 'continuous improvement officer' rather than just a technology leader. The focus has to be given to desirability, feasibility, and viability in innovation conversations, and recognizing the need to balance technology and commercial challenges. Stewardship and guardianship are also important in unlocking value through technology, and believe these principles are essential for driving success in today's fast-paced digital landscape.

Automation can improve organizational efficiency. There is operational automation, which streamlines processes and reduces bottlenecks, and vision automation, which leverages technology and data to make better decisions. Hence, the potential of automation is to unlock time and reduce costs, optimize media spending and improve pricing position forecasting.

Vijay Kannan, Global Head, Business Transformation & Chief Digital Officer, Godrej Consumer Products Limited said "The pervasiveness of technology in our personal lives is so high these days that it's very easy for the stakeholders of the larger ecosystem to get enamored by the art of the possible"