Turn Your People into AI Heroes

In Greek mythology, Talos was a giant automaton constructed of bronze who acted as guardian for the island of Crete. He would patrol the island’s perimeter daily, throwing boulders at the ships of invaders. The idea of “artificial intelligence” (AI) thus predates electricity, and the printing press.

Millennia later, AI is changing the world in profound ways, fundamentally reshaping various aspects of our lives. AI is powering personal digital assistants, autonomous vehicles, new financial products, and streamlining manufacturing with smart robotics. With time, it could lead to the mass adoption of personalized healthcare.

The AI Revolution in Insurance

At Bandhan Life, AI is powering our customer journeys and back-end processes. Complex processes like underwriting which required several people and many man-hours, have now reduced to minutes and are allowing digital underwriting at scale.  A life insurance decision that used to take several days, can now be issued instantly - without the customer having to submit any documentation!

For example – our award-winning AI interfaces with databases like the Account Aggregator Network, enabling us to fetch the bank statements of applicants just by using the mobile number linked to their bank account. The customer just enters a mobile number, and an underwriting decision can be taken instantly – allowing us to recommend the appropriate product given their financial background.

Exploring the World of Generative AI  

Till now, the use of AI tools was considered the domain of technologists. Generative AI is changing all that. The application of generative AI tools can optimize collaboration, boost efficiency, foster creativity, enable data-driven decision making, and support learning and development in cross-functional teams. This not only leads to better engagement within teams but also contributes to improved business outcomes.

Recently, we created an innovation lab on generative AI. The lab was open to all employees, who formed independent teams tasked with finding solutions to make every Indian household financially secure through life insurance.

Teams from across all departments, contributed mind-blowing ideas as to how we could use generative AI within our industry. From enhancing customer experience using regional language inputs; to creating in-house knowledge management systems; and even creating AI brand ambassadors that can help convert customers. In addition to the creativity on display - what surprised us was the sheer number of ideas that could be immediately applied to business. We’ve been so inspired that we’ve created a task force to help launch and scale these ideas.

AI is for Everyone

The lab challenged preconceived notions about who can drive technological innovation. We assumed that individuals with a strong technical background would lead the pack, but our winners hailed from non-technical backgrounds (HR, marketing, product) too, which was a pleasant surprise for us all. They brought fresh perspectives, unburdened by conventional technological constraints, and managed to envision innovative applications for generative AI in insurance.

This unexpected turn of events taught us valuable lessons about the power of diversity and the importance of challenging assumptions. Technological expertise, while crucial, is not the sole determinant of innovation. By inviting individuals from diverse backgrounds, we unleashed a tidal wave of creativity, propelling ideation to new heights. Moreover, this experience emphasized the significance of fostering an environment that encourages collaboration and cross-functional thinking.

Our innovation lab is a testament to the power of inclusivity and open-mindedness. And I’m proud to know that the ideas generated will be further developed and integrated into our future plans. These concepts not only have the potential to transform our industry but also reaffirm our commitment to embracing innovation in all its forms.

As we continue our journey towards an AI-driven future, let us remember that the most groundbreaking ideas can come from the most unexpected places.