Canara HSBC Life unveils OmniGen AI to streamline underwriting

It also helps underwriters refine key judgement points in risk evaluation. 

Canara HSBC Life Insurance has introduced OmniGen AI, a generative AI solution to reduce underwriting processing times and enhance underwriting capacity. 

OmniGen AI is capable of evaluating multiple attributes to identify trends and patterns, enabling underwriters to make more accurate, efficient, and cost-effective risk decisions. 

The system streamlines risk evaluation for customers before policy issuance. It also helps underwriters pinpoint and refine key judgement points in risk evaluation and underwriting manuals, contributing to improved decision-making. 

The platform enhances the policy-buying experience, servicing, and claims settlement whilst building robust customer and business propositions. 

Canara HSBC aims to develop ecosystems where risk frameworks and manuals are dynamically reviewed by humans, shifting from the current model where human-generated manuals are fed into generative artificial intelligence systems. 

The company noted that traditional underwriting processes for assessing fraud risks are often manual, time-intensive, and susceptible to errors, particularly in high-risk cases. These inefficiencies can lead to longer turnaround times and inconsistent results.