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ICICI Prudential Life Insurance is accelerating its digital transformation journey, with technology and automation playing a pivotal role in improving operational efficiency and enhancing customer experience. The company's continued focus on digital innovation has helped reduce its savings cost-to-premium ratio to 13.6% in Q1 FY2027, an improvement of 50 basis points over the corresponding quarter last year.
The insurer has integrated artificial intelligence (AI), analytics and digital platforms across its business operations to simplify processes, improve productivity and strengthen customer engagement. Solutions such as ICICI Pru Partner Stack and the IPRU Edge advisor platform are enabling faster policy issuance, efficient distributor support and seamless customer servicing.
"Technology has become an integral part of our business strategy. Our objective is to create simple, convenient and efficient insurance solutions by reducing manual intervention and leveraging intelligent automation. This approach not only enhances customer experience but also supports sustainable business growth," said Ganessan Soundiram, Chief Technology Officer, ICICI Prudential Life Insurance.
The company's digital initiatives have significantly improved turnaround times. During Q1 FY2027, around 58% of policies were issued using digital KYC, while 54% of savings policies were issued on the very same day. Customers also benefit from digital claim registration and real-time claim tracking through the AI-enabled Ask Khushmani chatbot and WhatsApp.
In addition, AI-powered underwriting and claims assessment have helped ICICI Prudential Life maintain a 99.3% claim settlement ratio, with non-investigated individual claims settled in an average of one day. The company's multilingual AI voice assistant, capable of reaching nearly 50,000 customers every hour, further enhances policy servicing and renewal communication.
As it completes 25 years of serving customers, ICICI Prudential Life continues to invest in digital capabilities that improve efficiency, strengthen customer trust and support its long-term growth ambitions.