FIRST TIME RIGHT - THE NEW MANTRA IN INSURANCE

Customisation, prediction, fraud control, contextual experiences, self-help buttons and precision insurance was never the way it looks now thanks to Al.

- Pratima H

Ganessan Soundiram, Chief Technology Officer, ICICI Prudential Life Insurance Company Limited is insuring his business not just against the competition but also the never-before spectrum of opportunities when it comes to betting on technology. Let's see what areas are actualising already in the form of new customer experiences

How is technology changing the insurance sector- from on-boarding to underwriting to management to claims processing? Is it gaining the desired levels of accuracy, simplicity and scalability?

Over the last decade, the insurance industry has gone through a significant transformation due to the digitalisation efforts undertaken by the insurers. Onboarding and servicing which were earlier characterised as iterative, with multiple handoffs and comprising of a longer TAT (Turn Around Time) have now transformed into fully digital processes. Digitalisation has brought in empowerment, transparency, ease of use and enhanced experience to both customers and employees.

Can you give any examples or plans about how has technology brought a significant change in your business?