From data to insights: How AI and ML are redefining insurance offerings
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The Indian general insurance industry has always been committed to safeguarding the well-being of our citizens and helping build a resilient economy. Over the decades, the industry has constantly worked to evolve itself and meet the changing needs of the citizens. Today, the industry is at a pivotal point, undergoing rapid transformation due to changing customer expectations, evolving risk landscapes, and technological advancements. While segmentation has been of key strategic importance for industries like banking, FMCG, and automobiles, it has only been used at broader levels, such as age, vehicle type, and occupation, in the general insurance space in India. Earlier, the Indian insurance market had limited data availability. Without rich datasets, the industry has relied on broader categories for policy pricing and product development. However, with the rise of technologies like AI, ML and in the light of KYC mandate, granular data abo...