“AI is neither good nor evil. It’s a tool. It’s a technology for us to use.” - Oren Etzioni, AI researcher
Insurers embrace AI for smarter growth
Indian insurers are rapidly integrating artificial intelligence (AI) into their operations to enhance business growth and improve customer experience. As AI moves from experimentation to a strategic enabler, companies like Generali Life Insurance are witnessing faster, more accurate outcomes in underwriting, claims management, and customer engagement.
Streamlining customer journeys
AI is simplifying complex processes such as onboarding, claims verification, and policy approvals. Tools like Tata AIA’s Underwriting Rule Engine (URE) instantly assess risk through medical and lifestyle data, reducing manual intervention and improving decision-making speed. This results in a smoother, more transparent experience for customers and distributors alike.
Enhancing productivity and trust
By breaking language barriers and enabling personalized communication, AI fosters stronger customer relationships. It also improves employee productivity and ensures that advice is more context-driven. As Nilesh Parmar of Generali notes, this transformation has created new benchmarks in efficiency, reliability, and trust within the insurance ecosystem.
Driving efficiency through data
AI-driven analytics and reflexive questioning in tele-medical exams minimize delays while improving data precision. General insurance firms are leveraging AI to predict customer behavior and optimize workflows. Insurers adopting AI achieve up to 40% faster onboarding and 10–15% premium growth.
The road ahead
With AI evolving toward fully autonomous systems, insurers are focusing on harmonizing automation with human oversight. The fusion of intelligent agents and human judgment is shaping the next era of efficient, ethical, and customer-centric insurance.
Summary
Indian insurers are leveraging AI to enhance speed, efficiency, and customer satisfaction. From underwriting to claims and engagement, AI tools are transforming the insurance industry into a data-driven, customer-first model that boosts profitability and operational agility.
Food for thought
Can insurers maintain the human touch as AI takes over more customer-facing roles?
AI concept to learn: AI in underwriting
AI in underwriting refers to the use of machine learning models and data analytics to assess risk, approve policies, and price premiums automatically. It enhances decision speed, reduces bias, and improves accuracy by analyzing complex data patterns that humans might overlook.
[The Billion Hopes Research Team shares the latest AI updates for learning and awareness. Various sources are used. All copyrights acknowledged. This is not a professional, financial, personal or medical advice. Please consult domain experts before making decisions. Feedback welcome!]
COMMENTS