Generative Artificial Intelligence (GenAI) provides huge opportunity in the financial services space, and as a leading global player Sun Life is actively engaged in developing such tools that are beneficial for both clients and employees, company's Chief Information and Technology Innovation Officer Laura Money said.
With an Asset Under Management (AUM) of USD 1.3 trillion, nearly one-third of India's GDP, the Canada-based life insurer and asset manager is also engaged in GenAI tools for achieving greater efficiency in asset management.
In India, Sun Life has established its footprint through its Global Capability Centre – Sun Life Global Solutions (SLGS), its joint ventures with Aditya Birla Group--Aditya Birla Sun Life Insurance and Aditya Birla Sun Life Mutual Fund.
“We are experimenting with several GenAI projects and balancing this with risk management measures to ensure we safely explore AI-led innovation. We’re testing ways in which GenAI can help augment the way our employees work and identify opportunities to enhance how we serve our clients," she said in an interaction with PTI.
"While our existing policies and procedures apply, we always have a human connect in the loop so we’re training and checking the validity of what GenAI is creating and experimenting within our own internal environment,” she added.
Sharing a few examples on innovation driven around GenAI, Laura elaborated that Sun Life has recently launched an internal chatbot to help people become more productive and efficient.
A program was also piloted to help their developers code faster with more accuracy, she said, adding, they are also looking at ways in which GenAI can play a role in delivering faster service in their call centres.
She attributed SLGS, the innovation and knowledge services hub, in India and the Philippines for helping the company drive a number of GenAI-led innovation projects.
Shedding light on the value added by the Centre towards the larger strategy and purpose of Sun Life, Tarun Sareen, MD, SLGS, said, "innovation continues to be at the forefront of our Digital Strategy, and we are fostering a culture of innovation. Throughout the year we conduct rapid prototyping to address key Sun Life business challenges for markets across Asia, the US and Canada and recommend solutions which have now been scaled to realize business impact.”
GenAI is one of the vectors, he said, adding, there's a lot happening in the fintech and InsureTech space and SLGS is actively engaging with the ecosystem players to drive innovation.
"We have been able to establish strong partnerships and collaboration with external ecosystem including accelerators, incubators, startups & academia for co-creation/incubation opportunities.
In addition, he said, SLGS conducts year-round innovation activities to build an innovation-led, inclusive, and problem-solving culture.
With sharp focus on future goals, Sun Life continues to be deeply invested in rapid prototyping while demystifying next gen technologies like Generative AI, AI/ML, Computer Vision, Audio Analytics, etc.
"Gen AI and other emerging technologies can really impact health outcomes for individuals and those are the ones we are most excited about because it really plays into our purpose of providing lifetime financial security and helping our clients live healthier lives," added Laura.