Canara HSBC Life Insurance has made a significant technological leap by introducing OmniGen AI, a revolutionary generative AI solution. The primary objective of this innovation is to slash underwriting processing times and supercharge underwriting capacity.
OmniGen AI showcases remarkable capabilities, being able to meticulously evaluate multiple attributes and unearth trends and patterns. This empowers underwriters to make risk decisions that are not only more accurate but also more efficient and cost-effective. The system streamlines the entire risk evaluation process for customers prior to policy issuance. Moreover, it plays a crucial role in helping underwriters identify and refine key judgment points in both risk evaluation and underwriting manuals, thereby enhancing the overall quality of decision-making.
This platform doesn’t stop at underwriting; it also elevates the policy-buying experience, servicing, and claims settlement, all while constructing robust customer and business propositions. Canara HSBC has an ambitious vision of developing ecosystems where risk frameworks and manuals are dynamically reviewed by humans, a departure from the existing model where human-generated manuals are simply inputted into generative artificial intelligence systems. The company has pointed out the limitations of traditional underwriting processes for fraud risk assessment, which are often manual, time-consuming, and prone to errors, especially in high-risk scenarios. These inefficiencies have led to extended turnaround times and inconsistent outcomes, making the introduction of OmniGen AI a timely and potentially game-changing development in the insurance industry.
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