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Insurers are increasingly deploying Artificial Intelligence (AI) to drive business growth, enhance the customer experience, and hasten processes. “The transition of AI in life insurance from a testing and learning stage to a strategic enabler for change has taken hold in our industry,’’ Nilesh Parmar, Chief Operating Officer, Generali Central Life Insurance, told businessline. “This technology is enabling us to achieve business outcomes both faster and more accurately in a way that is deeply personal and contextual. In the customer life cycle, AI is facilitating optimised onboarding journeys, value-based servicing, personalised engagement, and transparency, ultimately leading to trust and share of wallet,’’ he said. In distribution, AI nudges and interventions are driving better longevity of business relationships and productivity improvement, while ensuring need-based advice in business practices. “Further, AI is breaking down language and accessibility barriers, as AI tools in many languages and user-friendly surfaces are moving customers and distributors closer to their insurers through AI-generated tools. The future of life insurance is in a technology-enabled human engagement where AI augments rather than replaces the advisor,’’ Parmar added. The application of AI is leading to a transformation in the insurance operations across every domain, including underwriting, claims, customer experience, distribution, and risk management. Tata AIA Life Insurance Company has deployed a Gen AI-powered Underwriting Rule Engine (URE), designed to make buying life insurance simpler, faster, and more transparent for every consumer. When a consumer applies for a policy, URE instantly analyses their data, including medical history and lifestyle information, cross-referencing it against pre-programmed rules to assess risk. Based on this analysis, it generates a real-time risk assessment and approves or rejects the application and thus eliminates the need for manual intervention and significantly speeds up the processing. There is also AI-driven reflexive questioning during tele-medical exams to gather precise health data, reducing the need for physical tests and minimising delays. In general insurance too, especially in health and motor cover, AI is being used by some companies to offer customised premiums by analysing personal habits and driving patterns. “The data captured from the mobiles and strap-on digital health devices can help analysing the behavioural patterns. We are working on designing operative models to integrate Gen AI and big data in product designing and pricing,’’ MD and CEO of a private general insurance company said. According to Sachin Panicker, Chief AI Officer, Fulcrum Digital, insurers are redesigning their workflows to embed AI and improve efficiency and profitability. “We have seen that insurers who adopt an AI native approach achieve remarkable results, such as 10 to 15 per cent premium growth and up to 40 percent faster customer onboarding,” Panicker said. Fulcrum Digital’s FD RYZE Infinity Agentic AI platform helps automate complex workflows, make real-time decisions, and collaborate across functions. Insurers are also using Underwriting Agentic Solutions that reduce processing time from days to minutes. Similarly, claims automation agents, intelligent document processing and AI sales companion tools improve accuracy, productivity, and customer engagement. While the AI players are now focusing on developing fully autonomous underwriting agents that can handle standard policies end-to-end and adjust pricing dynamically based on real-time data, insurers are exploring integration of human interface and regulatory guidelines in the product designing and other processes. Published on November 7, 2025
