ICICI Prudential Life Insurance’s continued investments in technology, automation and cost optimisation have helped reduce its cost-to-premium ratio for the savings business to 13.6% in Q1-FY2027, a 50-basis-point improvement over the previous year.
The Company has focused on strengthening its digital infrastructure to improve customer experience while enhancing operational efficiency across the policy lifecycle. Around 58% of policies issued using digital KYC and nearly 54% of savings policies were issued on the same day during Q1-FY2027.
Digital capabilities also support claims and servicing. Customers can register claims digitally and track them in real time through Ask Khushmani, WhatsApp and AI-driven pre-claim assessment and processing. AI-based models support underwriting, policy persistency and claims assessment, contributing to a claim settlement ratio of 99.3%, with non-investigated individual claims processed in an average of one day.
Ganessan Soundiram, Chief Technology Officer, ICICI Prudential Life Insurance, said: “At ICICI Prudential Life Insurance, our investments in bolstering the Company’s digital infrastructure have not only empowered our customers but also enabled us to deliver an enhanced customer experience across their policy life cycle. We are leveraging AI, analytics and platforms such as ICICI Pru Partner Stack, IPRU Edge, etc. to strengthen customer acquisition, distributor effectiveness, servicing and operational efficiency.”
The Company also uses its IPRU Edge advisor app and a multilingual voice assistant for distribution and renewal engagement, supporting advisors and reaching up to 50,000 customers an hour.
