Can OmniGen AI Transform Underwriting in Life Insurance Industry?

December 5, 2024

In a move poised to revolutionize the life insurance industry, Canara HSBC Life Insurance has introduced OmniGen AI, an advanced artificial intelligence system aimed at transforming the underwriting process. Serving as a sophisticated assistant to human underwriters, OmniGen AI evaluates underwriting guidelines, risk profiles, and risk model outputs, providing quick and accurate decisions replete with rationale and references. By minimizing human biases and errors, this state-of-the-art AI enhances both the accuracy and efficiency of underwriting tasks.

The implementation of OmniGen AI signifies a momentous shift from traditional, human-crafted underwriting manuals to AI-generated frameworks that are subsequently reviewed and validated by experts. This transition results in superior consistency and operational efficiency, fundamentally streamlining essential processes such as risk evaluation, policy issuance, servicing, and claims settlement. Consequently, it offers a scalable model that benefits not just the customers but also the sales teams involved. The operational gains are particularly noteworthy, significantly reducing the likelihood of errors and biases that may have occurred in manual underwriting procedures.

Sachin Dutta, Chief Operating Officer at Canara HSBC Life Insurance, highlighted the far-reaching impact of OmniGen AI on the company’s growth, operational procedures, and customer satisfaction. He noted that the integration of Generative AI into underwriting processes plays a pivotal role in reducing operational costs while simplifying backend workflows. As a result, decisions are made swiftly and consistently, which in turn boosts satisfaction for both customers and sales teams. This new era of underwriting efficiency is accomplished through the synergistic capabilities of advanced AI, improving the overall experience and reliability of life insurance services.

By adopting OmniGen AI, Canara HSBC Life Insurance exemplified its commitment to innovation and customer satisfaction, bolstering its leadership status within the life insurance sector. This strategic move showcased how leveraging cutting-edge technology could lead to significant improvements in operational efficiency, accuracy, and customer outcomes. The utilization of such advanced systems represented a forward-thinking approach that could set new benchmarks for the industry, ultimately transforming underwriting processes and the overall customer experience.

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