33 min
How AI and ML is revolutionising the underwriting and risk assessment processes in Life Insurance Insurtech Story Podcast
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- Business
Data today is the most valued asset and it is the most dispersed across several platforms specially in life insurance that has been sitting on a rich trove of big data which is mostly untapped. Artificial intelligence-based data management technologies for the life insurance industry are being used much more quickly now. Particularly, artificial intelligence in life insurance has grown in prominence within the areas of risk assessment, fraud detection, and efficient underwriting. Besides, the advantages of AI/ML applications in life insurance, particularly natural language processing, has started to get greatly appreciated by businesses. It became simpler to calculate the exposure within insurance portfolios for unforeseen events by being able to standardise previously unstructured documents.
Points of discussion
1. The global AI market is projected to grow at a CAGR of 42.2% to $733.7 billion by 2027 and AIML use in life insurance is only bound to grow. Based on current trends, how you think AIML can fast track its adoption within the life insurance industry.
2. In the insurance industry, data and analytics are crucial to the underwriting process. Underwriting is a crucial step not just in life but in other areas of the insurance process since it involves risk analysis and pricing. Considering this, what would be your take on some of the industry best practices for AI in life insurance underwriting.
3. Artivatic is known for its AI integration support in the Indian insurance market and you guys have showcased some great products for the sector like AUSIS for the life insurance underwriting. Can you please brief our listeners a bit more on this and how it aims to transform the life insurance business.
Speaker Bio: S. Mahesh, who is the Vice President – Products at Artivatic.ai which is a global risk & decision-making platform that automates human decisions in insurance & healthcare to provide efficiency, transparency, risk assessment, personalisation and digitisation in the entire lifecycle of operations. In his role with Artivatic.ai, he is responsible for ongoing development of smart technology driven underwriting platform embedded with AI / ML based risk management models and rule engines.
Mahesh is a senior leader with over 29 years of experience in the BFSI sector specifically with the Life Insurance sector in areas of Operations, Technology and Administration. In his past experience, Mahesh has worked in senior leadership positions with companies such as Future Generali Life, Tata AIA Life and HDFC Bank. He is a domain expert in life insurance and his expertise is in running large scale operations and implementing cutting edge customer-centric solutions and processes.
Data today is the most valued asset and it is the most dispersed across several platforms specially in life insurance that has been sitting on a rich trove of big data which is mostly untapped. Artificial intelligence-based data management technologies for the life insurance industry are being used much more quickly now. Particularly, artificial intelligence in life insurance has grown in prominence within the areas of risk assessment, fraud detection, and efficient underwriting. Besides, the advantages of AI/ML applications in life insurance, particularly natural language processing, has started to get greatly appreciated by businesses. It became simpler to calculate the exposure within insurance portfolios for unforeseen events by being able to standardise previously unstructured documents.
Points of discussion
1. The global AI market is projected to grow at a CAGR of 42.2% to $733.7 billion by 2027 and AIML use in life insurance is only bound to grow. Based on current trends, how you think AIML can fast track its adoption within the life insurance industry.
2. In the insurance industry, data and analytics are crucial to the underwriting process. Underwriting is a crucial step not just in life but in other areas of the insurance process since it involves risk analysis and pricing. Considering this, what would be your take on some of the industry best practices for AI in life insurance underwriting.
3. Artivatic is known for its AI integration support in the Indian insurance market and you guys have showcased some great products for the sector like AUSIS for the life insurance underwriting. Can you please brief our listeners a bit more on this and how it aims to transform the life insurance business.
Speaker Bio: S. Mahesh, who is the Vice President – Products at Artivatic.ai which is a global risk & decision-making platform that automates human decisions in insurance & healthcare to provide efficiency, transparency, risk assessment, personalisation and digitisation in the entire lifecycle of operations. In his role with Artivatic.ai, he is responsible for ongoing development of smart technology driven underwriting platform embedded with AI / ML based risk management models and rule engines.
Mahesh is a senior leader with over 29 years of experience in the BFSI sector specifically with the Life Insurance sector in areas of Operations, Technology and Administration. In his past experience, Mahesh has worked in senior leadership positions with companies such as Future Generali Life, Tata AIA Life and HDFC Bank. He is a domain expert in life insurance and his expertise is in running large scale operations and implementing cutting edge customer-centric solutions and processes.
33 min