In the fast-evolving realm of digital innovations, Saranga Wijayarathne, Chief Digital Innovation Officer at Softlogic Life, stands as a trailblazer with over 20 years of distinguished experience in IT technology. His strategic foresight and leadership have propelled Softlogic Life to new heights and positioned the company as a technological powerhouse in the insurance sector.
Next-gen technologies to the fore
Saranga’s journey at Softlogic Life began in 2015, spearheading the in-house development of Click2Claim, an award-winning, next-gen insurance solution. The creation marked a turning point for the company, winning the ‘Best Innovation of the Year’ award at the 19th Asia Insurance Industry Awards. This success spurred the establishment of a dedicated department focusing on Data Science, Robotic Process Automation (RPA), and business intelligence.
Transitioning from IT to groundbreaking innovations posed initial challenges. However, Saranga’s adept leadership led to the formation of a formidable team comprising Data Scientists, Business Intelligence engineers, and AI (Artificial Intelligence) engineers. This team went on to create revolutionary AI-powered products, such as ‘ClaimIT’. It automatically processes hospital bills and settles them in less than 50 seconds without human involvement using in-house AI tools. These innovative and impactful solutions have set Softlogic Life apart as the only insurance company in Sri Lanka with such advanced capabilities.
Seamless digital innovations
Saranga always believes in an organisation’s data-driven culture and provides astute leadership for Softlogic Life to achieve this target. Under his leadership, Softlogic Life has invested in creating a comprehensive pool of information called a data lake, which contains structured and unstructured data. The Data Science team leverage this data to develop AI products. At the same time, a simplified data warehouse empowers non-technical departments like Underwriting and Marketing to make data-driven decisions through self-service BI (business intelligence) tools.
Additionally, voice sentiment analysis models built on the data lake provide valuable insights into customer sentiments, enabling the company to measure its public perception. This approach has enabled well decision-making and empowered various departments to create dashboards, reports, and analytics independently. On top of that, Saranga has seamlessly integrated digital innovations into Softlogic Life’s existing systems and processes, helping the life insurer to significantly enhance operational efficiencies and customer experience.
Staying ahead
As a technology enthusiast, Saranga must stay updated about and ahead of emerging technology trends. To do that, he has forged strategic partnerships with tech giants like Microsoft to collaboratively work to further improve Softlogic Life’s technological capabilities. Furthermore, Softlogic Life has partnered with several universities and research institutes in the country to engage with brilliant minds to inject fresh thinking and young talent into the traditional insurance sector, positioning Softlogic Life as a pioneer in insure-tech initiatives and fostering innovation within the industry. The company became the first insurance company in Sri Lanka to sign an MoU with the University of Moratuwa for research collaboration and work on collaborative industry projects.
Saranga says that Softlogic Life’s adoption of emerging technologies, such as AI, RPA and machine learning, has yielded transformative results. For example, his team successfully implemented an AI model to predict policy lapses, allowing early intervention by insurance advisers. Incorporating advanced technologies in claims processing, like the GPT-4 model and computer vision techniques, has led to a 40% reduction in manual processing time for OPD claims, exemplifying the company’s commitment to efficiency and customer satisfaction.
Under Saranga Wijayarathne’s visionary leadership, Softlogic Life has not only embraced digital innovations but has become a driving force in shaping the insurance industry’s future. From pioneering AI-powered products to fostering a data-driven culture, Saranga’s strategic initiatives have positioned Softlogic Life as a frontrunner in the competitive landscape, setting the stage for continued success in the digital era.