AI-powered insurtech

The global insurance sector is undergoing a revolution driven by AI, which is dramatically improving risk assessment, fraud detection, customer service and claims processing.

With AI, insurers can analyze vast amounts of data for more accurate risk profiling, improve the detection of fraudulent activities and provide instant customer support through conversational AI, delivering a human-like virtual assistant experience.

As a result, AI and data analytics have become essential technologies to keep up in the competitive global insurance market, says Prassadh Shanmugam, Director and CEO of KGiSL Technologies, a banking, financial services and insurance (BFSI)-centric enterprise software company.

“Our approach to AI is both strategic and practical, with a strong focus on empathy for our clients’ customers. We prioritize applications that directly address the pain points of the industries we serve, particularly within the insurance [BFSI] sector,” he says.

“By integrating AI into key processes, we’re able to offer solutions that not only streamline operations but also empower our clients to make smarter, data-driven decisions on a real-time basis.”

Cutting-edge solutions

Being in the industry for over 25 years, Prassadh has witnessed rapid changes in the power and utility of technology, leading him to champion the decision-making ability of AI.

“Early on, I recognized that AI and automation should not merely support decision-making but actively guide it, making processes more efficient and intuitive. A key realization was that systems should be able to understand requirements and automatically prompt actions, allowing tasks to be carried out seamlessly on the platform of their choice,” he explains.

“Technology should empower decision-making, enhance collaboration and drive innovation, ultimately shaping a more agile and forward-thinking organization.”

KGiSL is a provider of a wide range of innovative software solutions for the BFSI industry such as KGiSL’s AI-powered NSure Insurance Suite. Covering a range of different functions, each NSure solution provides a completely digital, innovative, customer-centric experience with automated processes and more efficient operations.

Another example is Marvel.ai, which leverages AI and advanced analytics to provide insurers with deep insights into customer preferences and behaviors. This enables the delivery of personalized products and services that resonate with individual needs. Thanks to predictive analytics, Marvel.ai helps insurers anticipate customer needs, allowing for proactive engagement that fosters trust and loyalty.

KGiSL provided Marvel.ai to a leading bank to seamlessly integrate and migrate millions of customer records, achieving an over 95 percent accuracy rate while resolving discrepancies efficiently.

With the ability to process seven-to-eight million records in just three-to-four minutes, Marvel.ai freed up valuable human resources from repetitive tasks, resulting in an approximate 30 percent increase in the bank’s return on investment. Furthermore, KGiSL successfully delivered Marvel.ai within a tight timeline of just two-and-a-half weeks.

Marvel.ai is very effective in claim processing with fraud detection to identify patterns and detect anomalies, enabling insurers to catch fraudulent claims early. According to KGiSL, insurers using Marvel.ai report up to a minimum 95 percent accuracy in spotting fraudulent claims, which slashes investigation time, significantly cuts costs and builds trust and satisfaction with policyholders.

Another of KGiSL’s solutions is Converse.CX, a generative conversational AI that provides human-like chat support, accurately interpreting and addressing customer inquiries via voice or text. According to KGiSL, Converse.CX delivers highly tailored interactions, ensuring a seamless experience that enhances customer satisfaction manifold, ultimately contributing to increased profitability.

“At KGiSL, we believe technology is the backbone of transformative change” Prassadh says. “Our commitment to innovation drives us to build a world-class technology stack that not only meets the demands of today but anticipates the needs of tomorrow.

“By staying abreast of global developments, KGiSL actively identifies emerging trends and technologies, ensuring that we’re always ready to adapt and deliver the most effective solutions that meet the evolving needs of our customers’ customers. At KGiSL, we believe in creating an environment where creativity, collaboration and cutting-edge technology thrive.”

Innovation-centric

KGiSL employs over 1,700 professionals and serves over 270 clients worldwide, including Fortune 500 companies, delivering the best-in-class software solutions.

“We invest heavily in continuous learning and upskilling, ensuring that our people are always at the forefront of emerging technologies,” Prassadh says.

“Through this culture of empowerment and exploration, KGiSL remains agile, adapting quickly to new trends and technologies while maintaining our focus on delivering future-proof solutions to our clients.”

Thanks to its forward-thinking AI-powered core insurance solutions, KGiSL is well-positioned to support ambitious insurance companies in staying ahead of the competition and achieving operational excellence.

“In an industry like ours, staying passive is not an option; we must constantly innovate to remain competitive. I push my team to challenge the status quo and take thoughtful, calculated risks that will drive us forward,” he says.

“We don’t just follow technological advancements – we work to understand them deeply and use them to our advantage. Innovation is at the core of what we do, and I make it clear that every team member must contribute to this mission at the highest level.”