Mumbai: Insurance customers increasingly expect faster policy issuance, smoother claims processing and convenient access to services. Responding to these expectations, ICICI Prudential Life Insurance is expanding its use of technology and artificial intelligence to streamline customer journeys, improve service delivery and reduce operational costs.
The company’s technology-led initiatives have also contributed to improved efficiency. In the first quarter of financial year 2027, the cost ratio for its savings business declined to 13.6 per cent, marking a 50-basis-point improvement compared with the previous year. During the quarter, nearly 58 per cent of policies were issued through digital KYC, while 54 per cent of savings policies were issued on the same day.
Ganeshan Soundiram, Chief Technology Officer, ICICI Prudential Life Insurance, said the company’s objective is not merely to digitise processes but to make every step simpler and faster for customers. He said artificial intelligence and the company’s digital platforms have made purchasing policies, accessing services and filing claims more convenient.
The insurer’s AI-powered chatbot, Ask Khushnuma, along with its WhatsApp services and digital claims system, enables customers to register claims and track their status digitally. AI-based models are also being deployed in underwriting and claims assessment to improve efficiency and decision-making.
The technology-driven approach has contributed to faster claim settlements. The average turnaround time for eligible individual claims requiring no further investigation was reported at just one day, while the company achieved a 99.3 per cent claim settlement ratio.
Technology is also helping insurance advisors through the iPro app, which is designed to simplify and accelerate several routine processes.
With continued investments in artificial intelligence, digital platforms and automation, ICICI Prudential Life Insurance is seeking to further enhance operational efficiency while delivering a faster, simpler and more seamless experience for customers.
