How ICICI Pru Life is leveraging on AI to offer personalised products to customers

ICICI Prudential Life Insurance will look to expand its innovation quotient, leveraging on artificial intelligence and real-time data to provide more personalised offers for its customers, a top official said.

It will ride on innovation to focus on the new trends of hyper-personalisation, vernacular (voice) and video to drive brand loyalty and build an effective customer experience strategy that will generate positive outcomes for the business and its customers, Puneet Nanda, Deputy Managing Director, ICICI Prudential Life, told BusinessLine in an interview.

A combination of these trends is creating additional opportunities for players like ICICI Prudential Life, he said.

Nanda said that there is lot of scope for hyper-personalisation in the life insurance industry as it increases penetration, satisfaction and conversion level.

Simply put, hyper-personalisation leverages artificial intelligence and data to deliver more relevant content, product and service information for each user.

“You will see us using innovation from all sides, especially on protection products, which is our fastest growing segment”, he said. For ICICI Pru Life, until last year, ‘protection’ products business accounted for single-digit growth. This has now grown to 15 per cent of the overall mix. Protection business grew 62 per cent year-on-year in the first half this fiscal.

Instant service

Nanda said that innovation that the company will pursue need not only be on the product front — it could also be on reaching out to the customers, in quick onboarding of customers and conversion to sale. “The innovation that we are talking about is how simply customers can interact with company and get the service they want. Innovation has to be on achieving customer satisfaction,” he said.

Going forward, ICICI Prudential Life plans to deploy ‘nudge engines’ and start giving instant pre-approved sum assured offers. “Millennials are unwilling to wait. They want instant gratification. You will see new age technologies like facial recognition coming to mainstream and becoming the norm,” he said.

Customers will be able to get decisions, underwriting, claims t a faster pace — they will be error-free as one will use automation, AI and natural language processing at the back end.