ICICI Prudential Launches AI-powered Smart Underwriting Platform
ICICI Prudential Launches AI-powered Smart Underwriting Platform
ICICI Prudential Life Insurance has launched a new automated AI-based smart underwriting technology platform called AUSIS to speed up all policy-related data verification.

Created by Artivatic Data Labs (Artivatic.ai), AUSIS will enable every policy to be processed in under 60 seconds and verifies all the data, along with due diligence, within a few minutes. This, in turn, will reduce the time taken to put each policy under scrutiny. 

According to the official release, the platform allows alternative data to provide insights to combine with regular data to provide better risk assessment and decision making. 

The aim of leveraging Artivatic’s product AUSIS is for ICICI Prudential Life to further expand its innovation in the underwriting sector. 

Talking about the new launch, Layak Singh, the CEO of Artivatic, stated that — Artivatic is committed to helping the insurance industry by easing legacy processes while keeping in mind clients’ affordability. 

“We make use of AI and machine learning in our daily life, and aim to integrate the same to uncomplicate what is an extremely archaic and manual industry, to increase the number of insurance policyholders in the long run,” said Singh. “We have a clear objective when developing AUSIS — reduce fraud, increase efficiency and avoid manual intervention as much as possible. Our core values come into place whenever we step into a project- that we want to make a dent in the industry and a social impact. Partnering with ICICI Prudential Life helps us do just that.”

Explaining the workings, the release stated — its easy integration capabilities on existing environments with APIs provide ease of access. “Since there is no human intervention, there is a minimal to no margin for error in the underwriting process.”

AUSIS has a simple workflow — data is collected from the customers, fed into the system, and using artificial intelligence, machine learning and multiple data points, the system provides risk analysis for business to facilitate quicker payouts.

Further, for complicated transactions, the AI-based system is equipped to learn new data, and improve within itself in real-time, thereby making each decision a dynamic and extremely effective one. In this extremely fast-paced world, AUSIS, with its in-built technology, ensures that every tiny detail is taken care of so one can save time. To date, over one million policies have been processed with the help of AUSIS.

Source: Analytics India Magazine

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