· 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
Gurugram, 19 December 2023: 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 company won 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 brand promises 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.”
About Amazon AI Conclave – Generative AI
Amazon AI Conclave – Generative AI edition is a platform to discuss techniques and share common use cases and ideas for implementing real-world projects using generative AI. The event brought together technology leaders, startup founders, and AWS AI & ML (artificial intelligence and machine learning) subject matter experts.
About ASSOCHAM 15th Global Insurance Summit & Awards
The ASSOCHAM 15th Global Insurance Summit & Awards is a way to recognise, reward and celebrate models of inclusive growth and sustainable development as well as innovative approaches to creating value for society and business together.
About Pramerica Life Insurance Limited
Pramerica Life Insurance Limited is a joint venture between DIL, a wholly owned subsidiary of Piramal Capital and Housing Finance Limited and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI). Pramerica Life Insurance Limited represents the coming together of two renowned financial services organizations with a legacy of business excellence spread over decades. Pramerica Life Insurance Limited, started operations in India on September 01, 2008 and has a pan India presence through multiple distribution channels which have been customized to address the specific insurance needs of diverse customer segments. The Company is committed to providing protection and quality financial advice to its customers. Pramerica is the brand name used in India and select countries by PFI. For more details, please visit www.pramericalife.in
About Piramal Capital & Housing Finance Limited
Piramal Capital & Housing Finance Limited (referred as Piramal Finance), a wholly owned subsidiary of Piramal Enterprises Limited (flagship company of the Piramal Group), is a housing finance company engaged in retail and wholesale lending. In retail lending, Piramal Finance is one of the leading players that addresses the diverse financing needs of the under-served and unserved people of ‘Bharat’ market. It has over 1 million customers and a network of branches across 318 cities/towns in 27 states. It offers multiple products, including home loans, loan against property, used car loans, small business loans to Indian budget conscious customers at the periphery of metros and in Tier I, II and III cities. In wholesale lending, it caters to both real estate as well as non-real estate sector and offers multiple products including construction finance, structured debt and senior secured debt. For more information visit: piramalfinance.com
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.4 trillion in assets under management as of December 31, 2022, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better by creating financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for nearly 150 years. For more information, please visit news.prudential.com
