Thursday, September 7, 2023

Aditya Birla Sun Life Insurance & Launches - AI Based Smart Underwriting Platform

-        India’s first connected platform for intelligent data driven underwriting decision with reduced fraud risk and faster policy issuance time.

-        ABSLI partners with, part of RenewBuy

-        Leverages AI, ML and Predictive Analytics to deliver faster and superior insurance solutions.

Aditya Birla Sun Life Insurance (“ABSLI”), the life insurance subsidiary of Aditya Birla Capital Limited (“ABCL”), has unveiled an innovative AI/ML-driven underwriting platform in partnership with a RenewBuy company. This collaboration signifies a significant change in the realm of life insurance underwriting in India, highlighting a focus on customer-oriented strategies and making decisions based on data analysis.

Smart Underwriting Platform Features:

·        The AI-based smart underwriting platform redefines the underwriting process by harnessing the capabilities of artificial intelligence and machine learning.

·        The platform introduces "AUSIS," an intelligent engine, developed by AUSIS leverages cutting-edge technologies, including AI, ML, and predictive analytics, to efficiently 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 & underwriting experience.

·        Provides a 360-degree view to the underwriter along with underwriting decision recommendation with scores and detailed insights.

The platform's robust risk assessment capabilities offer deep insights into applicants' profiles, thus 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. The partnership's AI-based smart Underwriting Platform is set to redefine the underwriting paradigm, enhancing efficiency, accuracy, and risk assessment in the insurance industry.

Aditya Birla Sun Life Insurance, MD & CEO, Mr. Kamlesh Rao said, “This partnership aligns with our commitment to harnessing 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 has effectively addressed these aspects through this platform.”

Mr. Layak Singh CoFounder and CEO of a RenewBuy company, explained the power of the platform, “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, disease prevalence through APIs. These abilities help in enriching digital data and improve risk assessment and underwriting decisions with faster processing.”

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