AI for underwriting, personalization, claims & more

Sunil Jain, Chief Digital Technology Officer, Pramerica Life Insurance:

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Sunil Jain gauges the effectiveness of tech initiatives based on customer retention, digital engagement, TAT and CSAT/NPS

Ravi Lalwani: The life insurance sector is increasingly adopting personalized and digital-first services. What advancements or strategic changes does your organization plan to implement by 2025 to cater to evolving customer needs? Are there specific demographics or regional markets where you aim to strengthen your presence?

Sunil Jain: One of Pramerica Life's key focus areas is simplifying the insurance purchasing journey through intuitive digital platforms that reduce complexity and enable faster, more informed decisionmaking. To streamline processes, we are leveraging advanced technologies like Vision AI to extract relevant information from documents, such as bank statements.

This ensures accurate, automated data capture, simplifying both underwriting and claims management.On the group business front, we are driving a comprehensive digital transformation by developing robust digital integrations and APIs for our partners. This initiative will enable instant policy issuance and real-time claims management, enhancing our value proposition for corporate clients and SMEs.

From a demographic perspective, we are prioritizing millennials and Gen Z, who increasingly demand hyper-personalized and accessible solutions. To expand our reach, we are focusing on strengthening our presence in tier 2 & 3 cities by leveraging digital channels. These regions present significant untapped potential, and by simplifying insurance processes, we aim to drive growth and improve accessibility in underserved markets.