In this State of Economy Podcast, businessline’s Haripriya Sureban talks to Vikas Bhalla, President and Head of Insurance Business at EXL, and Srikanth Srinivasan, Vice President and Head of Membership and Outreach at nasscom, on the impact of generative AI on India’s BPM (Business Process Management) sector.

Srikanth kicks things off by painting a picture of India’s impressive tech landscape, highlighting how the BPM industry is a key player, contributing billions to the economy and holding a top spot in global services rankings.

“AI has played a significant role in enhancing productivity, ensuring high performance, enabling predictability, and advancing personalization from pure to hyper and even nano levels. Industries have leveraged technology extensively to create exceptional customer experiences,” said, Srikanth Srinivasan, Vice President & Head – Membership & Outreach, nasscom.

Vikas helps break down how generative AI is shaking things up in BPM. “Every time there has been a new disruptive technology which has emerged, the BPM industry in India has adopted it extremely well and has also taken a leadership position in it. From automation to data and now to AI, this has been done in two ways - using new technologies to improve the existing set of services that it has and creating new sets of services based on these technologies,” said Vikas Bhalla, President, and Head of Insurance Business, EXL.

But what about jobs? Vikas and Srikanth dive into the nitty-gritty, addressing concerns about automation while shining a light on the exciting new opportunities AI brings. They stress the importance of learning new skills and staying adaptable in a rapidly changing industry.

Listen in to know more.

Host: Haripriya Sureban, Producer: Siddharth Mathew

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups