Mumbai, India (October 30, 2024) – HDFC Life has unveiled a full suite of AI-based insurance offerings at its first-ever AI Day, marking a significant leap forward in the digitalization of insurance services.
The landmark event showcased advanced AI implementations developed by HDFC Life’s Data Labs team which included features like personalized insurance recommendation systems, automated underwriting systems, and risk assessment systems. These advancements are a game changer in the way that insurance services are provided to the end user.
“Our AI Day demonstrates HDFC Life’s leadership in harnessing AI to provide unparalleled value to our customers and drive sustainable business growth,” says Vineet Arora, Chief Business Officer of Distribution, Data & Technology at HDFC Life.
The company’s AI applications cut across several areas such as Pre Approved Sums Assured (PASA) and the SalesTap-Nudge Engine which help in availing customer services in a much quicker and tailored way. The showcase also involved partnerships with well-known technology companies such as Microsoft, Greylabs.ai, salesassist.ai, and Trupeer.ai, among others.
Among the notable innovations are a system to predict early claims, a tool for automated underwriting, and a health risk calculator, all aiming to improve service delivery whilst increasing operational productivity. The timing of the in-house AI strategy also aligns with the company’s green initiatives that seek to minimize paper usage and energy through workflow automation.
The occasion underlined HDFC Life’s dedication to technology enhancement, including live demonstrations and sessions on Generative AI and Enterprise GPT, aimed at raising the bar on what the insurance sector in the country intends to innovate.
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