Module 8

Technology and trends

Where the industry is investing. Good material for 'what excites you about insurance?'

Use this module to connect your own product, data or AI experience to real insurance problems.

AI across the chain

AI works best where there are many small, similar decisions and plenty of past data.

Motor claims: photo and video damage assessment, instant settlement of small claims with confidence thresholds.
Models estimate damage from photos and decide repair or replace for each part. Small claims with high confidence are settled at once; others go to a surveyor.
ExampleA customer uploads photos of a dented door, the model estimates ₹14,000 with high confidence, and the claim is approved in minutes.
Health: OCR and coding of bills, pre-auth triage, fraud scoring.
Optical character recognition (OCR) reads hospital bills and maps items to standard codes. Models route simple pre-auths for fast approval and flag unusual patterns for review.
ExampleA model flags a hospital whose average stay for cataract surgery is three times the norm.
GenAI agents for quotes, renewals and claim status; copilots for agents and underwriters.
Chat and voice assistants handle routine customer questions. Copilots summarise long documents and suggest next steps for staff.
ExampleAn underwriting copilot summarises a 40-page medical report into key findings before the underwriter decides.
Guardrails: human in the loop, explainability, audit trail, DPDP consent.
Insurance decisions affect people's money and health, so adverse decisions need human review, clear reasons, a full record of what the model did and lawful use of personal data.
ExampleA model may approve small claims automatically but cannot reject one; every rejection goes to a person.

New ways to sell, and new risks to cover.

Embedded insurance at checkout (travel, gadgets, loans, rides).
Cover is offered inside another purchase, at the moment the need is obvious, usually through an API.
ExampleCancellation cover offered when booking a flight, or screen damage cover when buying a phone online.
Usage-based motor, EV add-ons, parametric covers, SME cyber.
Usage-based motor prices by distance or behaviour. EV add-ons cover the battery and charger. Parametric covers pay a fixed amount when an index is triggered, without assessing the loss.
ExampleA farmer's parametric policy pays ₹10,000 automatically if rainfall at the local weather station stays below a set level for the season.
Core modernisation: cloud PAS, low-code product configurators, API-first integration.
Insurers are moving from old on-premise systems to cloud platforms where new products are configured rather than coded, and connected to partners by APIs.
ExampleA new motor add-on goes live in weeks by configuring it in the product configurator, instead of a six-month development project.