New Delhi, 11 April (IANS). Artificial Intelligence (AI), especially generative AI, is playing an important role in changing India’s insurance industry this year, which has registered an increase of more than 30 percent of productivity. This information was given in a latest report on Friday.
According to the Boston Consulting Group (BCG) report, the insurers who are using AI in underwriting are getting efficiency benefits up to 36 percent of both structured and unstable data.
Tools such as AI-Powered Knowledge Assistant in Customer Service have increased productivity by more than 30 percent. Whereas, the quality of service has also improved.
In Claim Processing, AI is helping to resolve the simple claim in real time up to 70 percent, which reduces the cost by 30 to 50 percent and customers get excellent experience.
The report states that AI is also proving useful in IT as smart automation tools are helping insurance companies to reduce their cloud migration timeline and save 30 percent in costs.
Despite the growing capacity of AI, the report found that many insurance companies are still stuck in the pilot phase and have not pushed their AI projects completely forward.
However, some visionary insurance companies are using AI, especially in competition in underwriting, claim processing, customer service and IT operations.
In BCG, India’s leader-insurance practice Pallavi Malani said that JenAI is giving a new look to every part of the insurance business.
He said that Indian insurance companies are experimenting with many AI-based proof of concept, but most of them have not scored yet.
Malani said, “Especially in India, we see that insurance companies are working on many proof of concepts, but these use cases have not been extended.”
To fully benefit from AI, companies should only think beyond technology and data and include professional effects, changes in procedure, and readiness of the employee from day one.
The report emphasizes that the insurers who associate their AI investment with commercial goals and focus on high -impact areas, go ahead in competition.
-IANS
SKT/ABM
