How Canara HSBC Life Insurance Optimized Costs and Claims Processing with MongoDB

Canara HSBC Life Insurance has been undergoing a significant digital transformation since 2008 to modernize its operations and enhance customer interactions. Led by Chief Operating Officer Sachin Dutta, the company has focused on integrating cloud, analytics, and mobility into their systems, moving away from monolithic applications and rigid databases. This transformation involves adopting MongoDB Atlas to streamline processes and improve efficiency, resulting in substantial reductions in policy issuance turnaround times and cost savings. The transition to MongoDB has enabled Canara HSBC to leverage AI and machine learning, enhancing their capabilities in auto-underwriting policies and providing real-time data processing. The company aims to create a comprehensive customer data layer using MongoDB’s flexible document model to improve customer service and retention. This strategic shift has empowered Canara HSBC to attract top talent by offering opportunities to work with cutting-edge technologies, preparing them for future growth and innovation in the insurance sector.