CANARA HSBC Life Insurance partners with Artivatic. AI for simplifying insurance process
Canara HSBC Life Insurance has joined hands with Artificial Intelligence based InsurTech company, Artivatic.AI (Part of D2C Consulting Services Private Limited), to streamline and simplify the insurance processes for the insurance company.
Canara HSBC Life Insurance offers life insurance products to its customers through bank partners and other distribution channels, across the Tier 1/ 2 and 3 cities of the country. Partnering with Artivatic.AI will help Canara HSBC Life Insurance digitize the insurance processes like policy on-boarding, quotations, ease of payments, pre-insurance verification, etc. The processes will be backed up by Artivatic’s tech integrated insurance platform.
Canara HSBC Life Insurance spokesperson Mr. Sachin Dutta, Chief Operating Officer on the collaboration said, “We are very happy to partner with Artivatic.AI, which will aim at facilitating seamless distribution of life insurance products to our customer base. We expect Artivatic.AI’s unified sales and distribution platform to help in improving the next-gen digital sales, operations and consumer-led conversions. We are confident that the partnership will reap in effective results for the company and for the end consumers, making insurance more accessible to them.”
Speaking on the partnership, Layak Singh, Co-Founder, Artivatic. AI said, “The association is aligned with insurance regulator’s broader vision of simplifying insurance for all, using technology as an enabler. The current partnership of Canara HSBC Life Insurance and Artivatic.AI is aimed at solving the long-standing insurance industry requirements related to underwriting, information, and data verification. Artivatic’s tech integration will help in reducing the operation costs and improve the turnaround time for insurance processes of Canara HSBC Life Insurance. The joint motive is to ultimately help consumers with smoother on boarding process thereby driving better CX & faster turnaround time.
Mio Platform is – Artivatic.AI’s all-integrated platform, which uses Flutter technology, a unified core platform that can help companies reduce operations and maintenance costs, provide real time data across- IOS and Android. Such technologies will drive the way forward for Insurance companies and better insurance penetration across the country.
About Canara HSBC Life Insurance
Established in 2008, Canara HSBC Life Insurance Company Limited is a joint venture promoted by Canara Bank (51 per cent) and HSBC Insurance (Asia Pacific) Holdings Limited (26 per cent). Punjab National Bank is also a shareholder of the Company, holding 23% as an investor. One of the major bancassurance led insurance company with its head office at Gurugram, Harayana and more than 100 branch officer pan India brings together the trust and market knowledge of public and private bank.
For more than 15 years now, the Company sells and service customers though multi-channels and well diversified network of Canara Bank and HSBC located in Tier 1, 2 and 3 cities of the country. The Company has a vast portfolio of life insurance solutions and offers various products across individual and group space comprising of life, health, online term plans, retirement solutions, credit life and employee benefit segments through direct, digital, agency model and direct field force.
With the support of distribution partners, the Company is able to maintain an aggressive growth trajectory since inception. The Company continues to focus and invest in agile and technologically advanced methods of soliciting business, servicing customers and marketing products. With an aim to provide simpler insurance and faster claim process, the Company intends to keep the promises of their customers alive with their “Promises Ka Partner” philosophy.
Fast Facts about the company
MD and CEO – Mr. Anuj Mathur
Shareholders – Canara Bank: 51% and HSBC: 26%, Punjab National Bank (Investor): 23%
Products – Online Term Plans, Term Insurance Plans, Savings Plans, Retirement Solutions, Child Insurance Plans and Health Insurance
About Artivatic. AI
Artivatic.ai is a leading AI InsurTech & Healthtech company, part of D2C Consulting Services Private Limited (Which Also owns RenewBuy). It leverages artificial intelligence and data-driven technology solutions to transform the insurance industry. With its cutting-edge platform, Artivatic.AI empowers insurers with intelligent automation, risk assessment capabilities, and fraud prevention measures. The company is dedicated to revolutionizing the insurance landscape and creating a secure and customer-centric ecosystem. Artivatic.AI focuses on building infrastructure for insurance & Healthtech, with more than 700+ APIs, 5+ platforms [AUSIS – AI Underwriting, ProdX – No CodeDynamic Rule Configurator, ASPIRE – Group Health Platform, ALFRED – AI Claims & Auto-adjudication Platform, and MiO- AI Sales, Lead Distribution and Onboarding Platform. Artivatic.ai works with 10+ Insurance companies in India & International markets processing over millions of policies, members and claims. https://artivatic.ai/home
