Inside Aviva India’s risk playbook in the era of AI, InsurTech and hyper-personalisation

As insurance rapidly transforms into a digital-first industry, the role of risk leadership is evolving just as quickly. Hyper-personalised products, AI-driven underwriting, and ecosystem-based services are redefining how insurers operate — but they are also introducing new layers of complexity around trust, accountability, and operational resilience.

According to Gaurav Banka, Chief Risk Officer at Aviva India, the industry’s shift toward insurtech-driven models has fundamentally changed the way insurers think about risk.

“Insurance has moved from a policy-centric or distributor-centric model to a product-led, customer-centric one,” Banka explains. “That transformation is exciting, but it also raises important questions about fairness, privacy, and long-term trust.”

The hidden risks of hyper-personalisation

Insurtech innovations have enabled insurers to leverage granular customer data — from health and lifestyle information to behavioural insights — to tailor policies with unprecedented precision. While this improves relevance for customers, it also creates the risk of unintended exclusion.

When ...