Aditya Birla Sun Life Insurance (ABSLI) has unveiled an Artificial Intelligence (AI)/Machine Learning (ML)-driven underwriting platform in partnership with Artivatic.ai, an insurtech company and a division of RenewBuy.com. This collaboration signifies a change in the realm of life insurance underwriting in India, highlighting a focus on customer-oriented strategies and making decisions based on data analysis, the companies said in a joint statement.
The features of smart underwriting platform, as per the statement, include the following:
• It redefines the underwriting by harnessing the capabilities of AI and ML.
• It introduces an intelligent engine developed by Artivatic.ai, called AUSIS, which leverages cutting-edge technologies, including AI, ML and predictive analytics, to analyse vast datasets.
• By merging traditional underwriting principles with advanced algorithms, AUSIS empowers insurers to make informed and efficient underwriting decisions, resulting in expedited policy issuance.
• AUSIS, integrated with PRODX (no code rule configurator), provides seamless onboarding and underwriting experience.
• It provides a 360-degree view to the underwriter, along with an underwriting decision recommendation with scores and detailed insights.
Kamlesh Rao, MD and CEO, Aditya Birla Sun Life Insurance, said in the statement, “This partnership aligns with our commitment to harness 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.”
Further, the statement said that the platform’s risk assessment capabilities offer insights into applicants’ profiles, helping insurers to make well-informed underwriting decisions. The platform also has advanced fraud-detection features to help strengthen risk mitigation and ensure a secure and trustworthy insurance ecosystem.
Explaining the power of the platform, Layak Singh, CoFounder and CEO, Artivatic.ai, commented in the statement, “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 (AQI), disease prevalence through Application Programming Interfaces (APIs). These abilities help in enriching digital data and improve risk assessment and underwriting decisions with faster processing.”