Canara HSBC Life Insurance has launched OmniGen AI, a generative AI-driven solution built on Amazon Web Services (AWS) to revolutionize the underwriting process. The solution will analyze various dimensions and attributes of bundled information to make precise underwriting decisions and risk model output. OmniGen AI will provide swift and accurate decisions with rationale and reference to the underwriting manual, reducing human biases and errors. The system will also analyze multiple attributes to identify trends and patterns, making risk decisions more accurate, precise, and cost-effective. The solution will streamline and enhance risk evaluation for customers, providing a seamless policy buying, servicing, and claims settlement experience. The launch of OmniGen AI is part of Canara HSBC Life Insurance’s efforts to harness advanced technology to improve risk assessment capabilities, operational efficiency, and customer experience. The solution is expected to reduce operational cost and backend workload, leading to quicker and more consistent decisions benefiting customers and the sales force.
