IndusInd General Insurance's Chief Technology Officer has called for rapid-scale adoption of artificial intelligence across insurance operations, describing it as essential for survival rather than optional innovation. Speaking at an industry conference, the CTO outlined three priority areas for AI deployment that could reshape how Indian insurers compete in an increasingly digital market.
The CTO identified automated underwriting using machine learning models to process policy applications in real-time as the first critical priority. AI-powered claims assessment using computer vision for motor and property damage represents the second area, while predictive analytics for fraud detection across the claims lifecycle rounds out the strategic focus.
The insurer is investing Rs 150 crore over the next 18 months in AI infrastructure, including partnerships with Indian insurtech startups for specific use cases. The CTO noted that Indian general insurers currently spend 2-3% of premium income on technology, compared to 5-7% in developed markets.