Generative AI Revolutionizes Indian Insurance Industry, Boosting Customer Experience
Generative AI is transforming the Indian insurance sector, enhancing customer retention by 14% and increasing Net Promoter Scores by 30%. It is improving telemedicine, claims processing, and decision-making through synthetic data, setting the stage for India's 'Insurance for All by 2047' initiative.
- Country:
- India
Generative AI is revolutionizing the Indian insurance industry, bringing notable improvements in customer engagement and satisfaction. According to a press release by Aritvatic.AI, insurers using this technology have seen a 14% increase in customer retention and a 30% boost in Net Promoter Scores, demonstrating enhanced customer experience.
In the healthcare sector, Generative AI is facilitating telemedicine through multilingual consultations and efficient remote triage. The technology also streamlines claims processing by reducing loss adjustment expenses by 20-30% and increasing early fraud detection by 10-12%. Although still relatively nascent in India, Generative AI is transforming insurer interactions and claims processing.
While traditional AI aids in data analysis, Gen AI advances capabilities by generating synthetic data, amplifying decision-making accuracy in underwriting and revealing unseen fraud trends. As intelligent AI agents evolve, they are not only reducing operational costs by up to 30% but also enhancing service efficiency with real-time, multilingual decision-making.
(With inputs from agencies.)
Google News