PUNE: US headquartered Insurtech firm SE2 today announced its new Technology and Innovation Center in Pune, which would support the firm’s US operations. The company already has a center in Gurugram where it has 550 employees and plans to double its overall India headcount to over 1,000 by the end of 2020.
“SE2 India operations will be an integral part of the company’s existing business operations. Our initial investments have been to the tune of $3.2 million with an annual spend of over $10 million in infrastructure, technology and facilities. We will continue to invest in people, processes and technology to remain ahead of the curve by at least a decade from the industry,” said Chirag Buch, managing partner, SE2 India.
SE2 is a technology and third-party administration company that caters to the North American life and annuity insurance market. Vinod Kachroo, Chief Information Officer, SE2 said that the company had invested $85 million over the last few years to create its new technology platform which enabled their customers to launch products and offer new services a lot faster than before.
“We have a 10x10 vision, which is to scale the business ten times and have the technology remain relevant for 10 years from now. Pune will be the fuel to continue to innovate on the tech platform. As our business grows, the investment in India and the work done out of here will grow at the same pace or higher,” he said.
The company plans to scale the Pune center to 200 people by the end of 2020 and is looking at hiring people with domain expertise either in insurance or financial services, along with the required tech capabilities.
“As insurers continue to tackle both the challenges and opportunities for the digital evolution, SE2 is helping clients future-proof their businesses and navigate this transformation with a digital-first approach,” said Kachroo. A lot of work around helping clients with the digital transformation, and the conversion from client platforms to the SE2 AurumTMand platform would be driven out of India.
The company works with over 37 customers in the US on over 1000 life and annuity products and manages over two million policies.