Pramerica Life Insurance Wins Two Awards – “AI/ML Market Disruptor of The Year” &“Moment of Truth (Claims Experience) – Life Insurance”

·         Amazon Web Services (AWS) awards Pramerica Life Insurance for seamlessly integrating AI/ML in underwriting process

·         ASSOCHAM awards Pramerica Life Insurance for its customer service initiatives

Pramerica Life Insurance, one of the fastest growing life insurers in India,has been honoured with two prestigious awards that underscore its commitment to innovation and exceptional customer service. The companywon the “AI/ML Market Disruptor of The Year” award in the AWS Enterprise Segment at the prestigious Amazon AI Conclave 2023 held in Bengaluru, and was runner-up for the “Moment of Truth (Claims Experience) – Life Insurance” award at the 15th Global Insurance Summit & Awards by ASSOCHAM in Mumbai.

Delighted with the win, Pankaj Gupta, MD&CEO of Pramerica Life Insurance, said, “We are immensely proud to receive the distinguished awards, that signifies our relentless pursuit of innovation and customer-centric excellence. Technology and superior customer service will continue to be at the forefront of our efforts as part of our commitment towards a superlative customer experience. We thank Amazon Web Services and ASSOCHAM for these wins. These will further inspire our talented teams to keep working on newer ways of enriching customer experience.”

The “AI/ML Disruptor of the Year” award recognizes company’s Machine Learning (ML) underwriting predictive risk scoring model.This advanced model, excels in singling out high-risk customers resulting in faster and more prudent policy issuance. The company also witnessed a substantial decrease in policy downtime, ensuring operational efficiency and customer delight.

The “Moment of Truth (Claims Experience)” award is a testament to company’s dedication towards swift claims settlement and initiatives that prioritize exceptional customer experiences. Making a claim is the moment of truth for the policyholders and the insurance company.Pramerica Life Insurance has been keeping its promise to its customers with a 98.80% Claims Paid Ratio for FY22-23. Through its customer centric initiative – Pratigya Kavach, the brandpromises to settle the claims within 48-72 hours.A dedicated Claims Relationship Officer and Claims Helpdesk are also available to assist claimants with timely claim-document submission.

Acknowledging its role as a pioneer in serving the defence community, the company proudly upholds its industry-leading 100% claims guarantee* for this segment.

“Winning these prestigious awards reaffirms our dedication to exceeding customer expectations, but more importantly, it reminds us of the profound responsibility we hold,” says Karthik Chakrapani, Chief Business Officer of Pramerica Life Insurance. “Insurance isn't just a product; it's a promise of security. We strive to deliver on that promise through transparency, efficiency, and a passionate commitment to customer well-being. Initiatives like 'Pratigya Kavach' and our 100% claims guarantee* for the defence community are expressions of our core values and our respect for the soldiers who protect a billion lives. We're a company driven by a sense of duty, and these awards are a catalyst to continue pushing the boundaries of customer-centric excellence.”