Source: The Economic Times

Policybazaar, a major Indian insurance aggregator, has reported a fourteen-fold improvement in insurance claim accuracy through the use of artificial intelligence (AI) and automation. The company’s CEO, Sarbvir Singh, revealed that AI systems now process over 90% of claims with minimal human intervention, resulting in much faster turnaround times for customers. AI tools also play a key role in customer service, handling more than 80% of customer queries via chatbots and virtual assistants.

This technological transformation has allowed Policybazaar to significantly reduce fraud, cut down claim processing time from days to just hours, and increase customer satisfaction. The company emphasizes that AI not only improves efficiency but also builds consumer trust by ensuring transparency and fairness in claim decisions. Machine learning models are trained on millions of data points, continuously enhancing their accuracy and reliability.

The article suggests that this AI-driven approach is setting a new benchmark for the entire Indian insurance industry. As more insurers adopt similar technologies, the sector is expected to see further improvements in operational efficiency and customer experience. The success at Policybazaar demonstrates the tangible benefits of AI in a highly regulated and customer-focused field like insurance.