Global capability centres (GCCs) in the insurance sector in India are experiencing unprecedented growth and transformation, reshaping how risk management and compliance standards are implemented across the industry.
According to a NASSCOM report, insurance GCCs in India have grown by 15% over the past three years, exhibiting a notable increase in leveraging advanced technologies like artificial intelligence (AI) and data analytics to optimise their operations. These centres are enhancing risk management frameworks and setting new compliance standards to ensure operational resilience, financial integrity, and regulatory adherence.
Technology for resilient risk management
The evolution of risk management within insurance GCCs has been particularly noteworthy in how they handle operations. Modern resiliency frameworks now incorporate detailed mapping of process ownership, criticality assessments, and contingency strategies across different operational units. This systematic approach ensures that critical functions maintain continuity even during unpredictable disruptions, with process owners, whether in India or abroad, collaborating with greater ease and transparency to enhance…
