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How Max Life wants to leverage AI/ML to improve customer experience

Max Life Insurance coverage, a personal life insurer, desires to leverage Synthetic Intelligence (AI) and Machine Studying (ML) to make sure that at the least 70-75 per cent of the insurance policies are auto underwritten for retail enterprise, a high official mentioned.

That is a part of the corporate’s aspiration to construct an industry-best underwriting functionality that will assist it handle underwriting dangers higher with out compromising on issuance velocity to prospects, Manu Lavanya, Director and Chief Operations Officer, Max Life Insurance coverage, informed BusinessLine.

Sharing the varied sides of the AI/ML initiatives of the corporate which might be being embedded in its underwriting and onboarding processes, he mentioned at the moment, the corporate manages to do auto underwriting for about 55-60 per cent of insurance policies. “We’re additionally the one firm within the {industry} that does auto underwriting for cover (insurance policies),” he mentioned.

The important thing AI/ML initiatives which might be embedded within the processes of the corporate are Imaginative and prescient AI for fraud detection of potential gross sales to verify for current comorbidities; Utilizing ML for Diagnostic centre fraud detection; Leverage of clever ICR and OCR for seamless recognition of onboarding paperwork and Clever analytics for upfront auto underwriting of recent enterprise.

“These initiatives are driving important enchancment in straight-through processing that in flip uplifts our skill to cut back issuance turnaround time for the shoppers,” he mentioned.

Clever Gross sales Administration platform

In the meantime from September 1 rollout (part 1), Max Life will launch its new Clever Gross sales Administration platform that can leverage AI and ML to drive increased gross sales productiveness and course of excellence. “ This can be sure that we now have customised nudges, customised pings to our entrance finish gross sales brokers, measuring their learnings and progress, doing analytics on it and predicting their success”, he famous.

“What we are attempting to do is as a substitute of specializing in offline AI, can I do the choice making on the level of transaction. Can I embed AI to be a part of the transaction occasion itself. I don’t assume AI by itself won’t be a differentiator. What would be the differentiator is who builds the smarter mannequin and smarter context and who has higher scalable knowledge infrastructure to actually acquire the good thing about AI. Will AI itself turn into a differentiation, I do not assume so,” he mentioned.

He highlighted that Max Life Insurance coverage — striving to be a digital-first firm—was an early adopter of AI and had arrange a devoted crew (AI Works) as early as 2011. Over the past decade, the corporate has give you a number of digital-led initiatives for serving prospects and utilizing AI for the aim of bettering buyer experiences.

https://www.thehindubusinessline.com/money-and-banking/how-max-life-wants-to-leverages-aiml-to-improve-customer-experience/article36093513.ece | How Max Life desires to leverage AI/ML to enhance buyer expertise

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