AI and Digital Advancements in Life Insurance (2023-24)

Sourced:- https://irdai.gov.in/annual-reports

SOURCED:- https://dxc.com/content/dam/dxc/projects/dxc-com/au/Industries/images/insurance/pdfs/dxc-au-insurance-consumer-report.pdf

Understanding of LLM Platform Building

https://arxiv.org/abs/2402.12234

1. AI-Driven Customer Engagement & Service Enhancement

• Conversational AI & NLP: Implementation of AI-powered conversational intelligence using advanced NLP and Machine Learning to convert interactions into actionable insights.
• Voice Analytics: AI-driven voice analytics for automated call quality evaluation, analyzing customer mood, predictive CSAT scores, escalation risks, repeat probability, and agent performance.
• WhatsApp Conversational AI: Instant policy issuance, automated claims processing, and 24/7 personalized customer support.
• AI-Integrated Chatbots: Generative AI-enhanced chatbots to eliminate manual integration of static FAQs, ensuring seamless customer interactions.
• Voice IVR System: AI-powered IVR with multi-language support (English, Hindi, Hinglish) for enhanced customer assistance.
• Automated Customer Service Emails: NLP-powered email automation for faster response times.
• Voice Bot Services: Enhancing customer experience with AI-driven voice assistance.

2. AI-Driven Insurance Operations & Risk Management

• Underwriting Co-Pilot: AI/ML and OCR-powered underwriting system for financial and medical evaluations, improving accuracy and decision-making.
• Claim Fraud Detection: AI models identifying high-risk early death claims, integrating fraud detection within real-time assessment.
• Post-Issuance Profile Verification (PIPV) Analytics: Early fraud detection post-policy issuance, reducing investigation costs.
• Fuzzy Match Tool (FMT): AI-powered tool for matching customer names across platforms, minimizing errors and processing delays.
• AI-Based Propensity Models: Risk management and sales forecasting models optimizing product recommendations, renewals, and fraud prevention.