How Agentic AI could help insurers reach more Indians by 2047
AI agents could extend insurance reach to 2047 by cutting processing time and costs.
In brief
AI agents could extend insurance reach to 2047 by cutting processing time and costs. Agentic AI could help insurers reach more Indians by 2047 through faster underwriting and agent productivity. Originally reported by mint.
Insurance Market Size in India
India's insurance sector collected ₹ 11.93 lakh crore in premiums and issued 41.84 crore policies in FY2024-25.
Insurance Penetration in India
Insurance penetration was 3.7% of GDP including 2.7% for life insurance and 1% for non-life insurance.
Opportunity for Expansion
Extending financial protection to more people requires efficient customer reach, low premiums, faster processing and consistent service.
Agentic AI Solution
Agentic AI could help insurers perform tasks across workflows under defined instructions and controls.
Salesforce and PwC Experts
Arun Kumar Parameswaran, EVP and MD of Salesforce South Asia; Amneet Singh, Partner - Advisory and Leader at PwC; and Sankaranarayanan Raghavan, Chief Technology and Digital Officer at IndiaFirst Life discussed AI applications.
Green Time Concept
AI agents could give agents more time for customer conversations by taking administrative work off their hands.
Address Change Automation
AI could verify address changes, apply rules and complete transactions without manual processes.
Risk Thresholds for Claims
Insurers could use risk thresholds to determine which claims an AI agent may process autonomously.
Underwriting Speed Example
A process taking four hours could be reduced to less than 30 seconds when AI scans documents and checks rules.
IndiaFirst Life Workflow
IndiaFirst Life built a connected workflow spanning sales leads, underwriting, servicing, claims and customer feedback.
Policy Issuance Time Reduction
Salesforce reports a 58% reduction in policy issuance time following streamlined sales processes and automated underwriting.
Agentforce Applications
Agentforce will review customer documents, flag discrepancies, generate compliant responses and route claims needing review.
Human Oversight Requirements
AI decisions must be consistent, explainable and able to withstand regulatory scrutiny with human oversight.
Where Human Oversight Matters
Insurance decisions require consistent outcomes under the same rules with guardrails and transaction-level controls.
Future Customer Engagement
AI could help insurers respond to changing life stages by organizing customer information and identifying relevant follow-up moments.
Workflow Redesign
Insurers should examine how decisions are made before selecting technology to ensure business value.
What to remember
Agentic AI could help insurers reach more Indians by 2047 through faster underwriting and agent productivity.
