Unveiling the Transformative Power of Sun Life Global Solutions in India’s GCC Landscape
CXOToday has engaged in an exclusive interview withMr. Tarun Sareen, Managing Director, Sun Life Global Solutions.
- What is the current GCC landscape in India?
Today India is the home to almost 1700 Global Capability Centres (GCCs), including Sun Life, adding tremendous value to their parent organisations by furthering innovation, driving global mandate and client excellence. A recent report by Nasscom “GCC 4.0 – India Redefining the Globalization Blueprint” puts the estimated revenue generated by these centers at $46 billion, employing over 1.6 million people in the country. The number of GCCs is expected to increase to 2000 in the coming years. India is not just an offshoring market anymore. The whole concept and business model of GCCs has become value driven.
GCCs are emerging as innovation hubs, aiding corporations with their digital enterprise strategy, and creating expertise in new technological fields. They are driving considerable operational improvement while also being a key component of an enterprise’s M&A and innovation journey and assisting central teams in these projects.
From a skill perspective, GCCs established in India are moving beyond the regular process-oriented service role and are specializing in niche skills around cloud, artificial intelligence, machine learning, and natural language processing. In addition to the scope, the geographical footprint of these GCCs is both growing in terms of expanse and reach. Bengaluru, for instance, has emerged as the most preferred destination for setting up GCCs in India, which is closely followed by Delhi NCR, Hyderabad, and Pune. There has been an increasing influx into tier II and tier III cities that offer attractive value propositions.
Teams located out of India are not just managing the strategic assignments, but leaders based in India are also managing global portfolios across both business and technical roles.
- According to you, what factors are contributing to make India an attractive destination for establishing GCCs?
India has always been an attractive destination for setting up GCCs. But like I mentioned earlier, we have seen a massive shift in the mindset, with organisations now recognising the need to have a GCC in India.
Let’s look at some of the factors powering this trend.
The basic ingredient for a conducive GCC ecosystem is the availability of talent, and India is undoubtedly leading this turf with its diverse workforce possessing new-age skill sets and a strong innovation mindset. The industry’s need for tech talent, coupled with an accelerated pace of digitalization, has led to the emergence of a technically skilled talent pool specialising in niche skills around Cloud, AI/ML/NLP, cybersecurity, IoT, and other technologies.
Our start-ups have truly matured, paving the way for new opportunities for M&As. In addition, the peer GCC ecosystem is flourishing at large. It has not only stayed resilient during the pandemic but is thriving given the huge prospects in the offing, especially with a visible shift in the focus from a service-led industry alone to an increasingly solution-led partner. Indian leaders, today, have a stronger seat on the table in terms of anchoring the organisational priorities as they move beyond execution and play a deeper role by supporting product innovation, leading Centres of Excellence (CoEs), and providing strategic direction.
What’s further encouraging is the strengthening of India’s geo-political position in the global market and a pragmatic policy regime supported by the Indian government to help realise the potential of GCCs towards accelerating the country’s growth charter, while enhancing market access and brand building.
I strongly believe in the great advantage and ever-multiplying potential of GCCs to multiply and be a powerhouse of value by constantly building key capabilities; having and metabolising deep, niche expertise; and by exhibiting tremendous leadership to drive outcomes and solutions that advance the Purpose of their organisations while partnering with and contributing to the ecosystems of all the geographies in which they exist.
- How is Sun Life Global Solutions driving value for Sun Life? Please shed light on your positioning in the market
Sun Life Global Solutions is a Microcosm of Sun Life, and we are advancing our purpose of helping our Clients achieve lifetime financial security and live healthier lives. We have a deep understanding of our Business Groups and strategic priorities, which enables us to plan for and invest in capabilities relevant for Sun Life.
We provide services and solutions to all BGs – Canada, Asia, US and Asset Management and Corporate functions.
Over the course of our journey, SLGS has evolved as a capability hub, creating many assets for the organization like Digital, Technology, Client Care Centre, Operations, & what we call as Knowledge services encompassing Finance shared services, actuarial, risk and compliance, legal services etc.
Technology teams work on delivering solutions for our clients and advisors including Digital solutions and maintaining Core systems. API, Data, Cloud and AI are some of the other capabilities at SLGS.
The Ops team in India handles millions of non-voice client transactions across all lines of business, like Group Benefits, Group Disability, Health and Dental, Group Retirement services, and individual and wealth operations.
The Client Contact Centre that runs out of Manila handles once again handles millions Client interactions (client calls, chat, emails etc).
Today, SLGS is on a journey to deepen and expand capabilities across Digital, Tech, Operations and Knowledge services to become more solution oriented and inculcate an innovation mindset to add value to Sun Life.
And at the heart of everything we do is for our clients, who in many cases reach out to us during the most critical moments of their lives. When we receive a call at our Client Care Center, the aim is to answer each of those calls and properly resolve the query with speed, agility, and quality. And that to me is adding value and bringing our purpose to life with every client touchpoint. Delivering exceptional Client Experiences, every interaction, Every time.
As far as our market positioning is concerned, I strongly believe that we have a firm footing. Our true success lies in fostering a culture of care not only for our external clients but also an important foundation within their organization.
The company’s caring culture can be defined as a confluence of two major things: one, leaders consistently acting in ways to help team members thrive and helping them do the best work of their careers; and two, team members showing genuine concern for the organization’s goals and success, thereby, putting purpose and clients in the forefront. There is harmony and synchronization as all of us work towards creating a great client experience, a meaningful employee interface and ultimately, drive success for the company.
We are a caring, listening, and vibrant organization, our consistently high engagement scores quarter over quarter speak of this culture.
We are really proud of our talent comprising 94% of Gen Y and Gen Z. Our gender diversity is at 44%; we are continuing to work to increase gender diversity at senior level. We will also continue to expand the definition of diversity by including neurodiversity, LGBTQ.
And to sum up, I would say we are well equipped to serve business priorities and deliver exceptional value working in collaboration with Business Groups and corporate functions.
- What was the rationale behind the decision to reposition to Sun Life Global Solutions?
The decision to reposition Sun Life Global Solutions was driven by certain key factors and strategic considerations in the interest of clients and people.
The repositioning of our business is an opportunity to reach a wider target group, evolve our offerings, differentiate ourselves and more importantly advance the global experience of Sun Life across our key priority markets India and Philippines.
I would like to share the rationale behind this decision using the following points:
New Name: The new name, Sun Life Global Solutions, reflects our enhanced scope and capabilities. It signifies our commitment to providing comprehensive solutions to our clients and partners worldwide.
Global Outreach: The inclusion of the word “Global” in our name reflects our expanded outreach and collaborative approach with business groups across different regions. It highlights our efforts towards leveraging our resources, knowledge, and expertise to deliver value to our clients.
Focus on Solutions: The word “Solutions” in our new name emphasizes our primary focus on delivering effective solutions to our clients and advisors.
Solutions represent our optimistic approach towards addressing challenges and seizing opportunities.
By constantly architecting and solving for the future, we position ourselves as a forward-thinking organization dedicated to helping clients achieve lifetime financial security.
- With the new brand name, Sun Life Global Solutions, what will be the expansion strategy for 2023 in terms of business, market, and talent acquisition?
We are a purpose-led and values driven organization where people are our primary asset. Our focus is to expand and advance the employee experience and create global opportunities of learning and development both in India and Philippines.
After examining industry trends and Sun Life’s own business plan, we think that moving forward, we will further solidify our position as a talent and leadership hub for essential digital and technological capabilities that are centered on innovation and customer-centricity.
We want to become a digital corporation and pivot Sun Life Global Solutions as a partner to India’s next gen digital transformation journey.
Given India’s digital expansion and the penetration of digital and tech-enabled services, our aim is to expand Sun Life’s digital capabilities in terms of AI/ML, analytics, and the use of various apps applicable and available for our customers and employees.
For further leveraging the ecosystem, we continue to expand our capabilities, and we recently launched our office in Bengaluru in March 2023 to help accelerate building a contemporary engineering culture and deepening tech talent to leverage data and insights to drive digital transformation for clients.
We are also partnering with a vendor in Vietnam to leverage the growing IT talent pool of developers and engineers and the execution of projects, thereby, harnessing its technology potential (with an initial focus on Asia).
Going further we will continue to invest in technology, people and development.
- How is your organization integrating digital and AI technologies in the context of GCC trend at large and Sun Life in particular?
At Sun Life Global Solutions, we are actively integrating digital and AI technologies within the Global Capability Centre sector and specifically at Sun Life. Here are some of the ways we are leveraging these technologies:
- Generative AI: We have been exploring the potential of generative AI, to create new content across various domains. Our teams have conducted proofs-of-concept (POCs) using generative AI for software engineering, software testing, documentation, and knowledge management. These technologies have the potential to revolutionize content creation and enhance productivity.
- Personalized Marketing Campaigns: We utilize AI technologies to develop personalized marketing campaigns that target specific customer segments based on their preferences, behaviors, and needs. This enables us to provide more relevant and tailored offerings to our customers.
- Employee-Facing Chatbots: AI-powered chatbots are deployed to assist employees with their queries, providing quick and accurate responses. These chatbots help streamline internal processes and enhance employee productivity.
- Claims Prevention and Automation: AI technologies are employed to identify potential fraud or anomalies in insurance claims. By leveraging machine learning models and data analytics, we can detect patterns and anomalies, preventing fraudulent activities. Additionally, we automate claims processing to improve efficiency and accuracy.
- Product Development: We leverage AI and data analytics to gain insights into client preferences, market trends, and risk profiles. This information helps us develop innovative insurance products and enhance existing offerings to better meet customer needs.
- Computer Vision: Computer vision, a field of AI, enables us to extract meaningful information from visual inputs such as images and videos. We utilize computer vision for risk management, risk estimation, claims management, and real-time process monitoring in insurance operations.
- Voice Biometrics: Voice biometrics technology is used in call centers to authenticate callers quickly and securely. By using speech recognition and speaker identification, we can authenticate callers within seconds, improving customer experience and security.
- Facial Analytics: We employ facial analytics technologies, utilizing remote photoplethysmography (rPPG), to determine the health risk score and vital statistics of individuals. This technology analyzes video streams of a person’s face to extract health measurements and assess risk factors. This information can be used for accelerated medical underwriting and driving lifestyle changes through wellness solutions
These are some of the ways we integrate digital and AI technologies within the Global Capability Centre sector and at Sun Life. By leveraging these technologies, we aim to enhance client experience, streamline operations, prevent fraud, and develop innovative solutions to meet the evolving needs of our clients.
- Can you provide insight into the company culture and values at Sun Life Global Solutions, and how they contribute to the success of the organization?
We are a Diverse, Equitable & Inclusive organization fostering an Empowering, Caring & People-Centric culture. We are about trust, resilience and optimism and we are taking the forefront to solve and demonstrate leadership and embrace a bolder mindset. Our job is our calling, careers are about contribution, and together we are Architecting the Future as one Team.
We believe culture is our superpower and the strongest thread that holds the organisational fabric together.
We are an organisation, that, through thick and thin, has been at the forefront of solving problems with a spirit of deep care, high integrity, and excellence.
We have a strong foundation, and these are the values we would like to continue building on and thrive as Sun Life Global Solutions with a razor-sharp focus on the key pillars.
Celebrating and expanding diversity and diverse perspectives, for instance, remains key.
Achieving true equity and inclusivity requires ongoing commitment and effort from all of us.
We are focusing on a multi-year DEI program, based on Sun Life’s DEI vision and strategy pillars.
Speaking of Empowered Leadership – we are working towards establishing deep and mature capabilities and enduring & wholistic leadership.
The aim is to build a leadership crucible for now and for generations for Sun Life and its clients.
For the future we are envisioning, it is imperative we spawn more and more leaders, and we made significant headway in this direction by revisiting our leadership structure to broaden and deepen empowerment and build a stronger owner’s mindset.
The aim is to cultivate and nurture an empowering ecosystem that is more decentralised, agile, nimble, focused, well-networked, and deeply aligned with our Purpose and SLGS Values.
Promoting leadership across the organization accelerates the process of ownership, accountability, and excellence.
Sun Life Global Solutions is truly evolving as an inspired organization and this, among many other steps being taken in parallel, is a continuum of our BOLDER journey.
