Canara HSBC Life Insurance is launching a Generative AI-driven underwriting solution to enhance precision, efficiency, and scalability in life insurance underwriting processes.
The product, known as OmniGen AI, is powered by by Amazon Web Services’ (AWS) Bedrock platform.
The move addresses the need for more precise, efficient, and scalable underwriting solutions. Traditional underwriting methods are often manual, time-intensive, and prone to inconsistencies, particularly in complex, high-risk scenarios.
The company identified these challenges and sought to transform its operations to deliver improved accuracy and better customer outcomes.
The new solution is designed to act as a co-pilot for underwriters, utilising a combination of underwriting guidelines, manuals, and risk profile attributes to deliver accurate, data-driven decisions.
By integrating machine learning and generative AI capabilities, the system streamlines risk evaluation processes, identifies trends and patterns, and provides rationale and references for decisions.
This enhances consistency, reduces human bias, and accelerates turnaround times for policy issuance.
Additionally, OmniGen AI offers seamless policy servicing and claims settlement experiences.
By analysing accumulated data from customer interactions, the solution continually refines underwriting processes and builds stronger customer and business propositions.
The long-term vision includes creating ecosystems where AI systems generate underwriting manuals, which are then reviewed and refined by human expertise, flipping the current manual-to-system approach.
The implementation of this solution reflects Canara HSBC Life Insurance’s core values: Customer Centricity, Agility, Accountability, and Collaboration.
It marks a step forward in the company’s journey to integrate Generative AI into broader operational and servicing functions, further advancing its position in the InsurTech landscape.
Sachin Dutta, Chief Operating Officer of Canara HSBC Life Insurance, said, “At Canara HSBC Life Insurance, we are committed to harnessing advanced technology to improve our risk assessment capabilities together with operational efficiency and enhance the overall customer experience thereby churning growth in business value, greater penetration and better customer outcome. By launching OmniGen AI, we are integrating Generative AI into our underwriting processes which we will intend to expose further at the front end leading the charge for being at the forefront of driving meaningful innovation in the Life Insurance industry. This new solution is also aimed at reducing the operational cost, backend workload by creating a scalable model, quick and consistent decisions benefitting our customers & sales force.”
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