We recently had an online interaction opportunity with Mr. Chirag Buch, who serves as the Senior Vice President and Managing Partner of InsurTech company 'SE2 India'. Responsible for setting the business services team and creating long-term value for SE2 India and its parent organization, Chirag is a pioneer in the outsourcing services delivery from India.

With 25 years of post-qualification experience working in organizations such as BDO India, Infosys, AXA, WNS, and Sandoz, Chirag's expertise includes setting up and running large outsourcing and captive shared service centers across India, Latin America, Eastern Europe, and Asia-Pacific. 

An Associate Member of the ICAI (Institute of Chartered Accountants of India), Chirag holds a Bachelor of Commerce and Chartered Accountant, is ‘LEAN’ Advanced Certified, and a graduate of the University of Pennsylvania’s Advanced Management Program.

Here's what Chirag has to say about SE2 India and the company's plan for addressing digital transformation of Insurance Industry in India.

Can you tell us about your business ecosystem in India?

The insurance sector is ripe for innovation and disruption. As insurers continue to tackle both challenges and opportunities with respect to the digital evolution, SE2 is helping them future-proof their businesses and navigate this transformation with a digital first approach.

SE2 delivers new product launch solutions, platform-led transformations, and third-party administration services for life insurance and annuities carriers. Born of insurance and bred on innovation, SE2 Aurum®, a fully integrated, flexible, end-to-end platform, enables insurance companies to leapfrog into digital age, enter new markets through new distribution channels, and create new operating models.

SE2 kick-started its operations in India in 2019. We are an Eldridge Industries business. Since inception SE2 India is positioned to provide end-to-end services to its clients from SE2 Technology & Innovation Center, Pune, and business process operations in Gurugram - all delivered out of India.

Our state of the art facilities in Gurugram offers operational support to clients and Pune provides the technology and innovative capabilities – thereby providing full spectrum of services like modernising and digitizing the SE2 Aurum® platform, supporting The insurance sector is ripe for innovation and disruption. As insurers continue to tackle both challenges and opportunities for the digital evolution, SE2 is helping them future-proof their businesses and navigate this transformation with a digital first approach.

SE2 has over 25+ customers in the US, services 1000+ life and annuity products, and manages 200K+ new business applications annually. SE2 has invested heavily in its Technology and Innovation Center at Pune to create a new technology platform that will facilitate our clients to offer new services at a much faster pace.

How SE2 India is contributing to SE2’s mission to enable digital transformation?

Over the last few years, SE2 has immensely helped transform the life and annuity insurance customer experience by leveraging its comprehensive and flexible digital platform and ecosystem. SE2 India has been supporting the company in achieving its goal of digital transformation. Especially in the "new norm" when consumers want frictionless, paperless, and contactless experiences.

Our Technology and Innovation Center in Pune is working on disruptive technological solutions, which would allow us to stay ahead of the curve and be at the forefront of the global insurance market. We have a 10X10 vision to scale business ten times and create innovative solutions that remain relevant for the next decade. Our technology center in Pune plays an integral part in accelerating digital growth.

How has been the journey of SE2’s Technology and Innovation Center in Pune since its inception? Any key takeaways.

Our vision is to become a Centre of Excellence for SE2 and its affiliates. Our goal is to provide best-in-class technology solutions & services, empower insurers with digitization and automation and encourage innovation.

In a short span, our Pune team has grown from 0-100+ with excellent capabilities in the Tech domain, Product configuration & activated all areas. We continued to support new transitions from operations. We are focused on competency enhancement & learning capabilities & career growth & progression of our people. As a company, we want to be recognized as the best place to work, attracting talent by leveraging India's robust talent pool.

So far SE2 India is not catering to clients in India? Do you plan on doing that? If yes, when?

Our mission is to support our parent organization in enhancing technological and operational capabilities for our customers based out of the US. We don't have any clients in India and don’t have any immediate plans to serve Indian insurers.

How much do you plan to invest in India in the next three years?

Our initial investments have been to the tune of $3.2 million with an annual spend of over $10 million in infrastructure, technology, and facilities. SE2 will also continue to invest heavily in its Technology and Innovation Center in Pune and its headquarters in Gurgaon, which aims to cater to 66% of two million policies in the US market.

As mentioned earlier, we also plan to increase our capacity to support all aspects of insurance operations in the next two years to support our growth plans. We believe in investing in the right and diversified talent, providing career development opportunities to our people to delight our customers.

The insurance market is moving towards a digital-first approach. How are you planning to reimagine customer-experience?

SE2 is empowering insurers in swiftly navigating through digital transformation with a digital-first approach. We deliver new product launch solutions, platform-led transformations, and third-party administration services for life insurance and annuities carriers. Let's take our platform SE2 Aurum®, for instance. SE2 Aurum® simplifies and streamlines life insurance and annuities business processes, enabling carriers to focus on their core functions.

It reduces operational risk, improves productivity, delivers cost efficiencies, and paves the way for shared services on a utility model.

I am excited to talk about one of our latest Life & Annuities carrier client that we signed in 2019. One of the largest US-based insurance providers signed up with SE2 to develop and administer new annuity products on the SE2 Aurum® digital platform. I am proud to say that in the past two years, SE2 has helped the insurance company expand into a completely new distribution channel and are now looking to introduce more new products and convert a closed-block onto Aurum® to streamline its operations and enhance its customer experience, optimize cost structure and increase speed-to-market for future products.
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