Sanjiv Bajaj, the chairman and managing director of Bajaj Finserv, disagrees with the notion that artificial intelligence (AI) is a hype, stating that it is very real for his company. He believes that AI has brought significant improvements to their industry, and they have been actively using it for over a year. The company uses AI for digital marketing, where 80% of the content is curated using AI, and has also implemented a pilot generative AI project for customer contact handling. This platform can respond to customer inquiries in six languages and has also been used for end-to-end loan underwriting, resulting in the disbursement of up to Rs 150 crore a month.
Bajaj emphasized the importance of human supervision, citing fears of hallucinations, and added that the company assesses employee contributions based on output rather than hours worked. He also expressed his preference for working from offices rather than homes, stating that innovation requires people to be on the ground, working together.
In other news, Bajaj Finserv has announced the sale of Allianz’s 24,000 crore stake in their insurance joint ventures, with both parties opting to focus on their individual businesses. The dissolution of the venture is yet to be completed, with regulatory approvals still pending.
Bajaj also shared his views on the need for ease of doing business, praising the central government’s efforts in this regard. He also acknowledged the issue of pesky calls from third-party agents and noted that Bajaj Finserv receives minimal complaints compared to its large volume of transactions. The company processes 45 million payments a month, with only 400 calls received per month.