Max Life Insurance’s AI evolution: Transforming the insurance landscape with analytics

As the insurance industry increasingly embraces technology, Max Life Insurance has prioritised artificial intelligence (AI) and analytics to drive its digital transformation. While cloud computing and digital integration are integral to its operations, AI and analytics form the backbone of advancements in underwriting, fraud detection, and customer engagement.

AI in Underwriting 

A key aspect of Max Life’s AI journey is automating underwriting processes. Traditionally manual, underwriting now leverages AI models to analyse customer data, assess risk, and make real-time decisions. Over 80% of Max Life’s new policies are underwritten without human intervention, with more than 50% issued instantly, shared Suhail Ghai, Chief Digital & Information Officer at Max Life Insurance. 

“This automation dramatically reduces turnaround times, enabling policies to be processed in under 10 minutes,” Ghai said. AI-driven underwriting also minimises errors, offering a more reliable experience for customers and internal teams alike.

Analytics for Smarter Decision-Making 

Max Life has developed a specialised analytics unit, AI Works, to harness machine learning and data-driven insights. Predictive models help assess customer behaviour, optimise pricing, and streamline operations. 

For fraud detection, image analytics identifies altered documents and performs liveliness checks, ensuring only genuine claims are processed. Speech analytics evaluates call center interactions to enhance agent training and improve customer satisfaction. 

Cloud: The Foundation for AI and Analytics 

The success of AI and analytics depends on the robust infrastructure provided by Max Life’s cloud platform. Migrating to the cloud allowed the company to scale operations and deploy AI models seamlessly. 

“In the first phase of our journey, we focused on building strong foundations, starting with leveraging the cloud. Initially, only 12% of our infrastructure was cloud-based, but over three years, we expanded this to 85%,” Ghai said. 

Max Life also transitioned from a legacy enterprise data warehouse to a cloud-native Lakehouse architecture, integrating real-time streams and historical data. This modernised system provides a comprehensive foundation for AI-powered decision-making. 

Integration with India Stack 

Max Life’s integration with India Stack technologies enhances its AI efforts by simplifying customer onboarding and verification. Tools like DigiLocker, e-KYC, and account aggregator frameworks reduce manual interventions, allowing AI to process and verify data efficiently. 

This integration has made onboarding nearly paperless, with AI-enabled workflows ensuring faster and smoother customer journeys. 

Personalised Customer Interactions 

AI also powers personalised customer engagement. Max Life collaborates with AWS to use generative AI for tailored sales pitches based on customer profiles and product preferences. 

“Improving customer experience is another core strategy, and digital tools are instrumental in delivering superior service. Currently, 90% of our customer interactions are digital, contributing to our industry-leading Net Promoter Score (NPS) for customer service,” Ghai said. 

Max Life’s multilingual WhatsApp bot, powered by AI, supports transactions in nine languages and handles over 100,000 monthly interactions, offering consistent service across platforms. 

Enhancing Sales and Internal Operations 

AI’s impact extends to internal processes, with 85% of sales workflows digitised. AI tools manage leads, track activities, and analyse performance. Advanced health underwriting solutions, developed in collaboration with Swiss Re, further refine risk assessment using AI to analyse medical records. 

A Future Built on AI 

Max Life’s investment in AI and analytics is ongoing, with a focus to enhance engagement, efficiency, and risk management. However, AI’s success at Max Life is closely linked to its supporting technologies. Cloud infrastructure ensures scalability and resilience, while tools like India Stack enable seamless integrations.