We’re expanding our tech capabilities in India: Swiss Re’s Group CDTO

Swiss reinsurance giant Swiss Re, which established its global innovation hub in Hyderabad last year, is betting big in India. The company plans to add over 1,000 digital and tech professionals in the next three years, with a significant portion based in Hyderabad.
 
In a recent interaction with TechCircle, Pravina Ladva, Group Chief Digital and Technology Officer (CDTO) at Swiss Re India, mentioned that currently, about 15% of the company's global workforce, which totals over 14,000 employees, is located in India. Swiss Re is expanding its technology capabilities in India, focusing on engineering and data science skillsets, she said.
 
Globally, over 2,000 individuals work in technology roles across 53 locations in 20 countries. Ladva stated that Swiss Re’s offices in Bangalore and Hyderabad employ 2,200 professionals in various domains, including business operations, actuarial, risk management, finance, and technology.
 
“Approximately half of our global technology growth is expected to occur in our Indian locations over the next two years,” she added. The company’s other technology hubs are divided between Zurich in Switzerland, Madrid in Spain and Bratislava in Slovakia.
 
Swiss Re is committed to upskilling and reskilling its employees through personalised learning programs that are enhanced by artificial intelligence-driven pathways and micro-learning modules. These programs cater to diverse professional preferences and enable talent to thrive in a rapidly evolving tech landscape.
 
The company is enthusiastic about the potential of AI and its transformative impact on industries like re/insurance. Ladva highlighted Generative Artificial Intelligence (GenAI) as particularly revolutionary for the sector, streamlining core processes by managing unstructured data throughout the value chain.
 
By leveraging AI technology, Swiss Re aims to enhance operational efficiency. For instance, AI assists underwriting teams in summarising contracts, suggesting amendments, and ensuring comprehensive risk coverage. Additionally, AI models improve risk assessment by analysing vast datasets to identify patterns and predict risks more accurately than traditional methods.
 
Despite its potential benefits, Ladva emphasized the importance of maintaining human oversight to mitigate risks associated with AI outputs.
 
While the company did not disclose its tech budget figures, Ladva mentioned that Swiss Re carefully evaluates where to invest in technology to maximise business impact. The company strives to strike a balance between developing solutions in-house and collaborating with external partners to drive innovation and create value effectively.
 
Swiss Re has invested in projects such as the Rapid Damage Assessment platform, which utilises natural catastrophe models, satellite imagery, weather and property data, and AI algorithms to determine damage at the property level. Another initiative, Life Guide, powered by GenAI, improves underwriting productivity by providing quick, reliable answers to underwriters' questions.
 
Swiss Re is continuously evolving its technology transformation journey, aiming for ongoing progress. Ladva rated the company's digital transformation journey at a 7 on a scale of 1 to 10, highlighting the significant advancements made in data and cloud infrastructure. However, she emphasised the need for continuous improvement to drive business growth.
 
While technology plays a vital role, Ladva emphasised that people ultimately determine the success or failure of a digital transformation journey. Close collaboration between tech and business teams is essential to drive value creation.
 
Regarding competitor benchmarking, Ladva stressed the importance of constant evolution to remain competitive. “We look to enhance our tech stack internally while monitoring external developments for valuable insights,” she said.
 
Ladva envisions Swiss Re as a truly data-driven company, leveraging its expertise in managing and analysing data for new risk insights and operational improvements. Data quality, ease of exchange, and compliance are critical to business performance, driving the company's vision forward. She mentioned that Swiss Re's teams have made significant strides in this direction and will continue to adopt innovative technologies while working towards their vision, both globally and in the Indian market.