Canara HSBC Life launches OmniGen AI

Canara HSBC Life has introduced OmniGen AI, a generative AI-driven solution built on AWS Bedrock.

Acting as a co-pilot for underwriters, OmniGen AI analyzes underwriting guidelines, risk profiles, and risk model outputs to deliver swift, precise decisions with rationale and references, reducing human biases and errors.

The solution enhances risk evaluation efficiency, streamlining policy issuance, servicing, and claims settlement while improving consistency and accuracy in decision-making. By transitioning from human-created underwriting manuals to AI-generated frameworks reviewed by experts, Canara HSBC is setting a new standard in innovation and customer experience, reinforcing its commitment to reliable and effective insurance solutions.

“At Canara HSBC Life Insurance, we are committed to harnessing advanced technology to improve our risk assessment capabilities together with operational efficiency and enhance the overall customer experience thereby churning growth in business value, greater penetration and better customer outcome. By launching OmniGen AI, we are integrating Generative AI into our underwriting processes which we will intend to expose further at the front end leading the charge for being at the forefront of driving meaningful innovation in the Life Insurance industry. This new solution is also aimed at reducing the operational cost, backend workload by creating a scalable model, quick and consistent decisions benefitting our customers & sales force.” – Sachin Dutta, Chief Operating Officer of Canara HSBC Life Insurance .