ICICI Prudential Life Insurance has reduced its savings cost-to-premium ratio to 13.6 per cent in the first quarter of FY2027, marking a 50-basis-point decline from a year earlier, as the insurer intensified its focus on technology, automation and cost optimisation while continuing to expand its business. The insurer said sustained investments in digital infrastructure, artificial intelligence (AI), analytics and proprietary platforms have streamlined customer acquisition, policy servicing and operational processes, helping improve efficiency across the insurance value chain. According to the company, nearly 58 per cent of policies were issued using digital Know Your Customer (KYC) processes during the quarter, while about 54 per cent of savings policies were issued on the same day. It also said AI-driven underwriting and claims assessment contributed to an industry-leading claim settlement ratio of 99.3 per cent, with non-investigated individual claims settled in an average of one day during Q1-FY2027.
Commenting on the development, Ganessan Soundiram, Chief Technology Officer, ICICI Prudential Life Insurance, said, “At ICICI Prudential Life Insurance, our investments in bolstering the Company’s digital infrastructure have not only empowered our customers but also enabled us to deliver an enhanced customer experience across their policy life cycle. When we built our technology stack, the goal was never automation for its own sake. It was about taking out the friction and the cost that come from manual processes, so that savings get passed on more efficiently and customers get a faster, simpler experience.”
The company said its AI-powered chatbot Ask Khushmani, multilingual voice assistant and advisor platform IPRU Edge have enhanced customer servicing, claims support and distributor productivity. As ICICI Prudential Life completes 25 years of operations, it said technology-driven innovation will remain central to its strategy for sustainable and profitable growth.
