New -Delhi, April 11 (IANS). Artificial Intelligence (AI), especially generative AI, plays an important role in changing India’s insurance industry this year, which has registered an increase of more than 30 percent of productivity. This information was given in a latest report on Friday. According to the Boston Consulting Group (BCG) report, the insurers who use AI in underwriting get efficiency benefits up to 36 percent of both structured and unstable data. Tools such as AI-powered knowledge assistant in customer service have increased productivity by more than 30 percent. While the quality of the service has also improved. In claim processing, AI helps solve the simple claim in real time to 70 percent, reducing the cost by 30 to 50 percent and customers get excellent experience. The report says that AI is also useful, as Smart Automation Tools insurance companies help reduce their timeline for cloud migrations and save 30 percent in costs. Despite the growing capacity of AI, the report found that many insurance companies were still stuck in the pilot phase and did not push their AI projects forward completely. However, some visionary insurance companies use AI, especially in competition in underwriting, claim processing, customer service and IT operations. In BCG, India leader Pallavi Malani said Jenai gave a new look at every part of the insurance business. He said Indian insurance companies are experimenting with a lot of AI-based evidence of concept, but most of them have not yet recorded. Malani said: “Especially in India we see that insurance companies are working on many proof of concepts, but these use cases have not been expanded.” In order to fully benefit AI, businesses must only think beyond technology and data and include professional effects, procedures and readiness of the employee from the first day. The report emphasizes that the insurers who associate their AI investment with commercial goals and focus on high impact areas continue with the competition. -Ians skt/abm
‘Generative AI’ plays an important role in changing India’s insurance industry
