Aditya Birla Sun Life Insurance, the life insurance subsidiary of Aditya Birla Capital Limited, launched an innovative AI/ML-driven underwriting platform in collaboration with Artivatic.ai- a RenewBuy company. This alliance represents a fundamental shift in the field of life insurance underwriting in India, emphasising a focus on customer-oriented methods and decision-making based on data analysis.
The platform’s powerful risk assessment capabilities provide deep insights into applicants’ profiles, allowing insurers to make more educated underwriting choices. The platform also includes powerful fraud detection technologies to aid in risk mitigation and the creation of a secure and trustworthy insurance industry. The ABSLI-Artivatic.ai collaboration’s AI-based smart Underwriting Platform is poised to alter the underwriting paradigm in the insurance business, improving efficiency, accuracy, and risk assessment.
Aditya Birla Sun Life Insurance, MD & CEO, Mr. Kamlesh Rao said, “This partnership aligns with our commitment to harnessing technological advancements to offer innovative solutions to our customers and partners. In today’s digital era, our aim is to leverage the digital ecosystem for seamless and efficient insurance coverage. Platforms like AUSIS provide holistic customer views, aiding in selecting the right customers at the right price. In a digital world, risk and fraud mitigation are paramount, and Artivatic.ai has effectively addressed these aspects through this platform.”
Also Read | Aditya Birla Sun Life Insurance rolls-out Nishchit Pension Plan
Layak Singh CoFounder and CEO of Artivatic.ai– a RenewBuy company, explained the power of the platform, “AUSIS in addition to AI/ML model has highly configurable Business Rule Engine integrated to configure all underwriting guidelines and provide rule-based decisions. Its pre-trained models are integrated with capabilities to digitise data and ability to fetch multiple public information like Air Quality Index, disease prevalence through APIs. These abilities help in enriching digital data and improve risk assessment and underwriting decisions with faster processing.”
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
