Automating Insurance With Bhanu Prakash Gurugubelli

Technology has helped shape the world in more ways than we can count, from helping the blind cross the road safely, to A.I generated content. Technology continues to shake up industries and challenge traditional standards by creating new solutions or different approaches to tackling problems.

Bhanu Prakash Gurugubelli may not be a familiar name for many, but has changed the landscape of insurance. He actively works with insurance companies to automate and effectively decrease processing times for claims, submissions, and underwriting.

“By tackling some of the biggest challenges when it comes to claiming, I am making insurance much more accessible as well as desirable,” Bhanu shares, stating that it is just one of the examples of how Chubb is striving to “reduce costs and elevate the industry standard in insurance.”

While insurance is something that many have come face to face with, especially when they enter the workforce or purchase their own home, or have their first child, there is the stigma that insurance isn’t really good for anything other than squirreling money out of your pocket and feeding the fat cheque-books of investors behind those large corporate companies because of the tedious and oftentimes misleading fine print.

However, Chubb Insurance is challenging that idea. One of the world's largest publicly traded property and casualty insurance companies, what Bhanu is doing will expedite claims and make it much more transparent than it currently is. Chubb Insurance single handedly changed the wait times between claims which might not seem like anything more than bypassing a simple inconvenience, during times of disaster, insurance is the lifeline that keeps families and businesses from going under and processing claims quickly and efficiently becomes something crucial.

“Through specialized services, my goal is to ensure that everyone has an equal opportunity when accessing the funds accessible to them so that they are able to get back to their lives,” Bhanu explains.

The company behind this innovation recently reported that they are consistently at the top of the property and casualty insurance market. To be sure, they aren’t just a company focused on just one facet of digital transformation, but also sees a future that includes more automation, low- or no-code platforms, and more intuitive products.

In 2030, the world should look vastly different from what it is like today, with technology playing a predominant role in everything, from determining your driving route to the adjustment of your insurance premium based on where you are going, what road you are taking, and what time of day you’re traveling because all that data should be able to translate into real-time analytics of risk factors etcetera.

Technology is clearly the way forward and Bhanu is simply facilitating that growth by pushing towards that world that he sees so clearly in his head.

“The sooner we implement more changes, the more changes we will see. If we wait for five years before doing anything different, we’ll be five years behind a country that decided to act today,” he explains and he shares that he sees success very differently from what social media has led us to believe that wealth is the most important hustle of the 21st century. According to Bhanu, it’s personal growth over monetary growth. For him, being successful is being able to move forward in spite of failures and preservering to chase the dream that he believes in.

(The above story first appeared on LatestLY on Jun 05, 2023 10:12 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).