Edelweiss Tokio Life partners with Element AI to develop strategic AI roadmap and prioritize investments
Montréal, QC (Aug. 18, 2020) – Element AI, a global developer of artificial intelligence-powered (AI) solutions and products, is pleased to announce the Indian insurer Edelweiss Tokio Life Insurance as its newest client. Launched in 2011, Edelweiss Tokio Life has quickly become an important player in India’s life insurance market as one of the most innovative insurers with a product offering that fits today’s customer expectations.
The Element AI team will work closely with Edelweiss Tokio Life to create an actionable roadmap for strategic AI deployment for the company, which will ultimately support a detailed AI transformation plan. This work will utilize unique learnings and insights from Element AI to establish technical feasibility and identify AI use cases.
Commenting on the development, Nilesh Parmar, Chief Operating Officer, Edelweiss Tokio Life Insurance said, “As an organisation, we are focused on building agility and scalability within our processes and systems. With a single-minded focus on delivering a seamless and superior customer experience, we want to empower ourselves with digital technologies like artificial intelligence that can help us better serve our customers. We are glad to have found a like-minded partner with Element AI to assist us in this transformation journey.”
Element AI helps organizations like Edelweiss Tokio Life accelerate AI adoption by:
- Identifying how AI can help address the key challenges facing a business and finding the unique AI investments that balance creating value today with building capabilities for tomorrow
- Assessing the potential of a company’s current data, technology and software infrastructure to deploy AI workflows and systems through a strategic lens
- Empowering employees to work smarter with AI by building an organization’s literacy and trust to work with AI
- Establishing a framework for trustworthy, explainable and responsible AI for now and the future
“Insurers all over the world are facing similar challenges to meet evolving customer expectations and to optimize processes for increased efficiency,” said Luis Gonzales, Managing Director APAC at Element AI. “As a leader in AI-driven solutions to solve these challenges, we are excited to work with Edelweiss Tokio Life to design and implement a strategic roadmap to prioritize their investments into AI.”
About Element AI
Element AI develops AI-powered solutions and services that help people and machines work smarter, together. Founded in 2016 by serial entrepreneurs including JF Gagné and A.M.Turing Award recipient, Yoshua Bengio, PhD, Element AI turns cutting-edge fundamental research into software solutions that exponentially learn and improve. Its end-to-end offering includes advisory services, AI enablement tools and products, aimed at helping large organizations operationalize AI for real business impact. Element AI maintains a strong connection to academia through research collaborations and takes a leadership position in policymaking around the impact of AI technology on society. For more information, visit www.elementai.com.
- Learn more about Element AI in the InsurTech Spotlight.
About Edelweiss Tokio Life Insurance
Edelweiss Tokio Life Insurance Company Limited is a joint venture between Edelweiss Financial Services Limited, one of India’s leading and diversified financial services companies and Tokio Marine Holdings Inc, one of the oldest and largest insurance companies in Japan. Edelweiss Tokio Life Insurance launched its pan-India operations in July 2011, offering proprietary need-based solutions to help customers meet their life stage financial goals. This lineage brings together a deep understanding of customer needs and international expertise. The company is headquartered in Mumbai serving over 2.02 lakh customers through 43,681 personal finance advisors as of March 31, 2019 across 121 branches in 93 major cities.
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SOURCE: Element AITags: Artificial Intelligence (AI), Element AI, InsurTech, InsurTech Spotlight, Transformation, use cases