ICICI Prudential Life Insurance is continuing to strengthen its digital-first approach, with investments in artificial intelligence (AI), automation and analytics delivering measurable gains in operational efficiency and customer service. The company's savings cost-to-premium ratio declined to 13.6% in Q1 FY2027, improving by 50 basis points from the same quarter last year despite continued business expansion.
The insurer attributes the improvement to sustained investments in digital infrastructure and process automation aimed at simplifying policy issuance, servicing and claims management. These initiatives have enabled faster turnaround times while reducing dependence on manual processes across the insurance value chain.
Ganessan Soundiram, Chief Technology Officer, ICICI Prudential Life Insurance, said the company has focused on building technology solutions that improve both customer convenience and operational performance. According to him, the use of AI and intelligent automation is helping the insurer scale efficiently while delivering a seamless experience throughout the policy lifecycle.
The company said nearly 58% of policies were issued through digital KYC during the first quarter of FY2027, while 54% of savings policies were issued on the same day. Customers can also access end-to-end digital claims registration and receive real-time claim updates through the AI-powered Ask Khushmani chatbot and WhatsApp.
AI-based underwriting models are being used to support faster policy decisions and claims assessment, contributing to the company's 99.3% claim settlement ratio. Non-investigated individual claims were settled in an average of one day during the quarter. In addition, a multilingual AI voice assistant capable of reaching up to 50,000 customers an hour is helping improve renewal reminders and customer engagement.
Technology-enabled platforms such as ICICI Pru Partner Stack and IPRU Edge are also helping advisors manage customer interactions, issue policies faster and improve productivity. As ICICI Prudential Life celebrates its 25th anniversary, the company says it will continue investing in digital innovation to strengthen customer trust, improve efficiency and support sustainable growth.