Canara HSBC Life Insurance is redefining the future of underwriting process with the launch of OmniGen AI, a first of a its kind ‘Generative AI-driven solution’ on Bedrock of Amazon Web Services (AWS). Leveraging cutting- edge technology, this solution will be a co-pilot for Underwriters and consume various dimensions and attributes of bundled information like the Underwriting guidelines, Underwriting manual, risk profile attributes required to take precise underwriting decisions and risk model output to provide swift & accurate decisions with rationale and reference to Underwriting manual. It further brings objectivity to future outcome prediction of risks being insured thereby building up on generative capabilities of such risk models.
In a highly complex and multi-dimensional world, to ensure that risk outcome is favorable to all stakeholders in the value chain, the OmniGen AI solution is capable of analysing multiple attributes to identify trends and patterns that ultimately helps in making risk decisions more accurate, precise and time as well as cost effective. This otherwise is a complex task which is prone to manual oversight, judgement errors, human biases and can cost Companies at claim stage. This solution streamlines and enhances risk evaluation for customers before policy issuance. It will continue to improve consistency in decision-making, accuracy and efficiency in risk evaluation, reflecting Canara HSBC Life Insurance’s commitment to innovation and to providing high-quality, reliable insurance solutions for its customers. The GenAI powered system further provides a seamless policy buying, servicing and claims settlement experience for the company’s diverse suite of customers. All such experiences can be used in future to help build effective customer and business propositions thereby looping the benefits back to the key stakeholders. It further helps the underwriters identify and refine key judgement points as a part of the risk and underwriting manuals. The Company is further going to create ecosystems where the manuals and risk frameworks are a call out of the system being reviewed by humans as against to the current setup where manuals created by humans are fed to the Gen AI systems. This will help tide the transformation to greater reliance on systems with expertise of people being utilised to build such systems and capabilities.
Mr. Sachin Dutta, Chief Operating Officer of Canara HSBC Life Insurance, said “At Canara HSBC Life Insurance, we are committed to harnessing advanced technology to improve our risk assessment capabilities together with operational efficiency and enhance the overall customer experience thereby churning growth in business value, greater penetration and better customer outcome. By launching OmniGen AI, we are integrating Generative AI into our underwriting processes which we will intend to expose further at the front end leading the charge for being at the forefront of driving meaningful innovation in the Life Insurance industry. This new solution is also aimed at reducing the operational cost, backend workload by creating a scalable model, quick and consistent decisions benefitting our customers & sales force.”
Traditional underwriting processes of assessing fraud risk are often manual, time-consuming and prone to errors, especially for high-risk cases. This often leads to longer turnaround times (TAT) and delayed decision-making. In addition, results are often inconsistent and validating the authenticity of multiple outcomes requires extensive time and effort. To address these challenges, Canara HSBC Life Insurance’s new Generative AI-powered solution leverages LLM (Large Language Model) agents to automate the entire process. Further, by combining machine learning and generative AI, the solution delivers accurate risk profiling of customers and provides rationale & reasoning behind the decision.
The implementation of this solution further strengthens our core values of Customer Centricity, Agility, Accountability and Collaboration. We are committed to further expanding our horizons for GenAI capabilities across different areas in Operations and Servicing.