OmniGen AI uses genAI to streamline underwriting, enhancing risk evaluation and operational efficiency in insurance processing.
Canara HSBC Life Insurance has launched OmniGen AI, a genAI-powered solution designed to enhance underwriting. Built on Amazon Web Services’ Bedrock, this tool serves as a co-pilot for underwriters, providing precise risk assessments by analyzing complex data. It integrates underwriting guidelines, risk profiles, and model outputs to deliver consistent and accurate decisions with clear rationale, reducing processing time significantly.
One of the key challenges in underwriting—manual oversight, judgment errors, and human bias—is effectively addressed by OmniGen AI. The platform leverages advanced algorithms to detect trends and patterns in multidimensional data, ensuring objective risk evaluation. This automation minimizes errors and accelerates policy issuance, offering a scalable solution that improves consistency and efficiency. By reducing reliance on manual processes, the system enhances decision-making accuracy and operational speed.
Generative AI also refines underwriting manuals by identifying critical decision points. Over time, these insights create a feedback loop, improving risk frameworks. Future iterations may shift from human-fed guidelines to AI-generated manuals reviewed by experts. This dynamic approach strengthens underwriting reliability, providing a seamless experience from policy purchase to claims processing. OmniGen AI’s continuous learning capabilities further tailor risk assessments, adapting to new data for improved outcomes.
Sachin Dutta, COO of Canara HSBC Life Insurance, emphasized the company’s commitment to innovation through AI. By integrating OmniGen AI, they aim to reduce operational costs, streamline backend processes, and deliver quick, consistent decisions. This adoption not only benefits customers with faster processing but also enhances business value by improving market penetration and customer satisfaction. Canara HSBC plans to expand GenAI applications across operations, setting a new standard for technology-driven underwriting in the insurance industry.