ICICI Prudential Life Insurance has announced that its sustained investments in technology, automation and cost optimisation initiatives have helped reduce the savings cost-to-premium ratio to 13.6 per cent in the first quarter of FY2027, a decline of 50 basis points compared with the corresponding period last year, while continuing to scale its business. The company said digital transformation has strengthened customer acquisition, policy issuance, servicing and claims management through the use of artificial intelligence, analytics and platforms such as ICICI Pru Partner Stack and IPRU Edge. During Q1-FY2027, around 58 per cent of policies were issued using digital Know Your Customer (KYC), while nearly 54 per cent of savings policies were issued on the same day.
ICICI Prudential Life also said AI-powered underwriting, predictive analytics and digital claim assessment have contributed to an industry-leading claim settlement ratio of 99.3 per cent, with non-investigated individual claims settled in an average of one day. The company added that customers can register claims digitally and track them in real time through its AI chatbot Ask Khushmani and WhatsApp, while its multilingual voice assistant is capable of reaching up to 50,000 customers an hour for renewal reminders. 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.”
He added, “When we built our technology stack, the goal was never automation for its own sake. It was about taking out the friction and the cost that come from manual processes, so that savings get passed on more efficiently and customers get a faster, simpler experience. That same thinking is now helping us to improve operational efficiency.” As ICICI Prudential Life marks 25 years of serving customers, the company said technology-led innovation will remain a key pillar of its strategy to drive operational excellence, enhance customer experience and support long-term profitable growth.
