Canara HSBC Life Insurance unveils OmniGen AI to optimize risk evaluation

By Gloria Mathias

Canara HSBC Life Insurance has launched OmniGen AI, a ‘Generative AI-driven solution’ on the Bedrock of Amazon Web Services (AWS) to redefine the future of the underwriting process.

Leveraging technology, this solution will be a co-pilot for underwriters and consume various dimensions and attributes of bundled information, such as the underwriting guidelines, underwriting manual, and risk profile attributes required to make precise underwriting decisions and risk model output. It will provide swift and accurate decisions with rationale and reference to the underwriting manual. It further brings objectivity to predicting the future outcomes of risks being insured, thereby building on the generative capabilities of such risk models.

In a highly complex and multi-dimensional world, to ensure that risk outcome is favourable to all stakeholders in the value chain, the OmniGen AI solution is capable of analysing multiple attributes to identify trends and patterns that ultimately help in making risk decisions more accurate, precise, and time-as well as cost-effective. This otherwise is a complex task that is prone to manual oversight, judgement errors, and human biases and can cost companies at the claim stage. This solution streamlines and enhances risk evaluation for customers before policy issuance.

The GenAI-powered system further provides a seamless policy buying, servicing, and claims settlement experience for the company’s diverse suite of customers. It further helps the underwriters identify and refine key judgement points as a part of the risk and underwriting manuals.

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 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 and backend workload by creating a scalable model and quick and consistent decisions benefiting our customers & sales force.”