ICICI Prudential Life Insurance’s sustained investment in technology and automation, along with other cost optimisation initiatives, has helped bring down its cost-to-premium ratio for the savings line of business to 13.6% in Q1-FY2027, a 50 basis point reduction over the previous year.
Ganessan Soundiram, Chief Technology Officer, ICICI Prudential Life Insurance, said the Company’s investments in digital infrastructure have empowered customers while enabling an enhanced experience across the policy life cycle. The Company is leveraging AI, analytics and platforms such as ICICI Pru Partner Stack and IPRU Edge to strengthen customer acquisition, distributor effectiveness, servicing and operational efficiency.
Around 58% of policies issued using digital KYC and close to 54% of savings policies were issued on the same day in Q1-FY2027. The Company also recorded a claim settlement ratio of 99.3%, with an average turnaround of one day for non-investigated individual claims.
As ICICI Prudential Life marks 25 years of serving customers, its technology-led approach remains embedded in its strategy to grow profitably.