1. Real time policy issuance: Real time policy issuance of select products for select customers
2. Process Optimization: Move from batch processing to real time
3. Underwriting: Underwriting model that caters to skewness in the business volume during month end, quarter end and year end 1. Maintaining peak capacity at all times is not financially feasible 2. Outsourcing model increases overall TAT as final decision needs to be taken by in house UW as per guidelines 3. Increasing STP posts challenges on risk assessment and impact on early claims 4. Support activities managed by Core UW team.
4. Risk assessment analytics: AI/ ML based risk assessment, analytics and claims propensity model
5. Customer Experience: Generate a real time personalized pitch deck / infographic of a product manual for its customers on real time. Assist agents to advise product to customers with minimal information.
6. Psychometric: Psychometric / adaptive and gamified Medical/lifestyle and COVID questionnaires to be created for quicker onboarding process.
7. AR,VR,MR: Readily available AR/VR based gaming modules to enable our Agents to compete among themselves. Regular new gaming experience to motivate for our agents to engage regularly with the leads, embedded within our existing sales management Web App.
8. Voice Ai: Startups offering speech to text and text to Speech or voice bots/conversational AI to enhance customer experience through quick resolutions of queries, policy servicing, payments and renewals. We have already developed some bots in-house – Automated reminder calling, chat bot and Whatsapp bot etc and hence would not be interested in Start-ups which offer similar solutions or marginal enhancements. Any other applications which are new to the industry would be interesting to explore.E.g.: Tapping into the voice functionality built into mobile phones to enhance customer experience while using the app to apply for new policies or resolving queries in real-time using NLP/NLG/ML.
9. Alternative Data Sources: Startups that supply additional data points that give out more information/insights about the customer/market potential (with limited customer involvement) beyond generic data like age, pin code, etc. to maximize data driven decision making. E.g.: Third party data sources through the entire customer journey like credit card transaction details of the customers could be a data point to assess premium payment capacity.