NTT DATA AI for Insurance Converts Complex Workflows into Governed, Repeatable AI‑Delivered Services

• Service-as-Software solution, powered by the NTT DATA AIVista platform, helps insurers improve productivity, decision quality and risk management across underwriting, claims and customer service through governed AI with enterprise-grade governance and human oversight.
• Solution combines NTT DATA’s recognized AI expertise with decades of insurance domain experience supporting large carriers worldwide.

NTT DATA, a global leader in AI, digital business and technology services, today announced NTT DATA AI for Insurance, an AI-native agentic solution that converts complex core insurance workflows into governed, repeatable services. Built for highly regulated insurance environments, the Service-as-Software solution combines configurable AI agents, insurance-specific data models, workflow orchestration and enterprise-grade governance to maintain auditability, regulatory guardrails and human oversight.

NTT DATA AI for Insurance helps carriers modernize underwriting, claims, customer service and other core insurance workflows while improving productivity across the enterprise. Powered by NTT DATA AIVista, the company's AI-native product platform, the solution combines a prebuilt insurance foundation with flexible configuration and targeted customization, enabling rapid deployment while adapting to each carrier's products, processes, operating model and regulatory requirements.

The solution is designed for open integration with existing carrier systems and enterprise technology environments, enabling insurers to deploy AI capabilities without core system lock-in. Its model-routing capabilities also help carriers avoid lock-in to any single foundation model.

“Insurance is built on human judgment that understands risk, prices fairly and stands behind promises when it matters most,” said Bruno Abril, Global Lead, Insurance Industry, NTT DATA, Inc. “AI strengthens the ability of insurers to meet that responsibility, and NTT DATA AI for Insurance supports human expertise with intelligent systems that work within a governed operating layer for enterprise-scale transformation. The result is that insurers can move from AI-enabled workflows to AI-delivered operations, at enterprise scale and with the governance that regulators and boards demand.”

Carriers need agentic AI built for insurance operations

Carriers are under pressure to increase underwriting capacity, accelerate claims and service workflow processing, reduce loss ratios and improve risk selection while meeting rising governance expectations. NTT DATA’s 2026 Global AI Report: A Playbook for AI Leaders in Insurance found that two-thirds of insurers want to use AI in front-office interactions, while 86% support AI use in back- and mid-office workflows, yet most have not industrialized agentic AI across their core operations. NTT DATA AI for Insurance is purpose-built to close that gap.

"The insurance industry is generating more data than ever before, but better outcomes depend on how effectively that information is translated into action," said Prashant Hinge, Chief Information Officer at MSIG USA. "AI can help insurers identify high-risk claims sooner, improve consistency throughout the claims process, and equip claims professionals with the insights they need to make faster, more informed decisions."

NTT DATA AI for Insurance provides a comprehensive agentic architecture that includes:

• Specialized models and agents purpose-trained on carrier and domain-specific data to improve reliability, accuracy and cost-effectiveness.
• Specialized guardrails that embed governance into every AI agent decision and support deterministic, auditable outcomes that help carriers meet regulatory and internal governance requirements.
• AI-native knowledge base and proprietary insurance data genome that embed agents into the systems, data and processes carriers already use, while providing the context agents need to interpret submissions, policies, claims and regulatory requirements.
• Prebuilt and configurable AI agents that enable 3X faster deployment into underwriting, claims, service and other insurance workflows.
• Cognitive and event-driven agent orchestration that coordinates AI agents, people, systems and processes around each carrier’s operating requirements.

NTT DATA is named as a leader in HFS Horizons: Agentic Services, 2026 Research Report as well as ISG Provider LensTM – Insurance Services – Strategic Capabilities (Insurance GenAI and Agentic AI Services). Worldwide, the company serves 10 of the world’s 25 top insurers, operates 16 delivery centers with insurance expertise and employs more than 12,000 insurance specialists.
Visit our website to learn more about NTT DATA AI for Insurance, access industry resources and meet some of our insurance experts. To learn more about the science and innovation behind our Service as Software platform for insurance, read our blog.

About NTT DATA

NTT DATA is a $30+ billion business and technology services leader, serving 75% of the Fortune Global 100. We are committed to accelerating client success and positively impacting society through responsible innovation. We are one of the world’s leading AI and digital infrastructure providers, with unmatched capabilities in enterprise-scale AI, cloud, security, connectivity, data centers and application services. Our consulting and industry solutions help organizations and society move confidently and sustainably into the digital future. As a Global Top Employer, we have experts in more than 70 countries. We also offer clients access to a robust ecosystem of innovation centers as well as established and start-up partners. NTT DATA is part of NTT Group, which invests over $3 billion each year in R&D.

our website to learn more about NTT DATA AI for Insurance, access industry resources and meet some of our insurance experts. To learn more about the science and innovation behind our Service as Software platform for insurance, read our blog.

ICICI Lombard Marks 25 Years with 25 Breakthrough Insurance Innovations

• Marks 25 Years of Keeping Promises with 25 customer-first innovative solutions
• New offerings across health, motor, home, travel and commercial insurance

ICICI Lombard General Insurance, India’s largest private general insurance company, today unveiled 25 Innovative solutions across multiple lines of business as part of its Silver Jubilee celebrations. The company has surpassed its earlier record of 14 new launches on one single day and is now launching 25 innovations on one day, with 5 industry-firsts. These solutions exemplify our customer first approach, uniting a customer centric mindset with the power of new age technologies like AI, across the insurance lifecycle.

Over the last 25 years, ICICI Lombard has evolved alongside the changing needs of customers, continually expanding the role of insurance beyond financial protection. Having served over 500 million customers* and settled more than 60 million claims*, the company is now shaping the next phase of protection through innovations that help customers not only recover from risks but increasingly anticipate and manage them.

Sanjeev Mantri, Managing Director & CEO, ICICI Lombard, said - For 25 years, the ethos of ICICI Lombard has been simple - to stand by our customers for promises we have made and innovate for every promise of tomorrow.

On the momentous occasion of our Silver Jubilee, I would like to express our gratitude to our entire ecosystem of stakeholders – customers, partners, employees, shareholders and Regulators for their trust and support. On this landmark day, we decided to renew our promises to our customers and as part of our celebrations, have launched 25 innovative solutions. These offerings will enable us to service diverse needs of our customers and help in making insurance more personalised, meaningful and future-ready.

Key highlights from the 25 innovations are as follows:

Next Gen Products

• Elevate Her: A life-stage-based modular Women Care product that integrates OPD, wellness, maternity, preventive care and women-cancer related financial protection into a single solution. For the first time in the industry, it offers four customised plans to support women across different life stages with a seamless transition as their needs evolve.
• Paw Care: A comprehensive pet insurance plan covering veterinary expenses, emergencies, illnesses, accidents, surgeries and routine care for pets. Features include long term coverage and RFID tag based discounts.
• Complete Home Protect: A modular lifestyle protection solution for homeowners, covering interiors, jewellery, art, collectibles, and furnishings. Offers cashless home assistance services, policy tenure options up to 30 years, fixed capital appreciation annually, and additional living expenses if the home becomes inhabitable.

Elevating Service Experience

• Digital Branch @Sidddhivinayak (Industry First): India’s first digital insurance branch in a metro transit environment, enabling policy purchase, renewals, claims registration, online KYC, document submission and digital servicing.
• Motor Service Assure (Industry First): A time-assured roadside assistance service with a 30-minute service commitment, 24x7, across 15 cities in India.
• Motor Sahayak: Premium service offering immediate assistance during vehicle emergencies, including legal facilitation and reimbursement of defence-related expenses.
• Specialised Service Desk: Personalised service desks for senior citizens and preferred customer groups with priority access and faster assistance.

AI-led Innovations

• Voice AI (Industry First): Conversational platform supporting natural voice interactions in Hindi & English, available 24x7, completing policy purchase and payment journeys.
• Personalised Travel Planner (Industry First): AI-powered trip planner in the IL TakeCare app, generating curated itineraries with embedded insurance offerings.
• Smart Health Underwriting (Industry First): AI-powered underwriting delivering faster, seamless, self-guided digital journeys with real-time evaluations.

As ICICI Lombard enters its next chapter, these innovations reaffirm a promise that has remained constant for 25 years, to be there for customers, wherever they are and protect everything they value.

About ICICI Lombard General Insurance Company Limited

ICICI Lombard is the leading private general insurance company in the country. The Company offers a comprehensive and well-diversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. With a legacy of over 25 years, ICICI Lombard is committed to customer centricity with its brand philosophy of ‘Nibhaye Vaade’. The company has issued over 39.2 million policies, over 3.4 million claims processed and has a Gross Written Premium (GWP) of ₹ 306.18 billion for the year ended March 31, 2026. ICICI Lombard has 341 branches and 15,008 employees, as on March 31, 2026.
ICICI Lombard has been a pioneer in the industry, being the first large-scale insurance company in India to migrate its entire core systems to the cloud. With a strong focus on being digitally-led and agile, the company has introduced multiple AI-powered insurance solutions. The company’s flagship insurance and wellness app, IL TakeCare, which has received over 22 million downloads, also offers the industry’s first Face Scan feature. The company has won several prestigious awards including Insurance Asia, ICC Emerging Asia Insurance, ET BFSI Exceller, ET Corporate Excellence, Golden Peacock, FICCI Insurance, Assocham, Stevie Asia Pacific, and National CSR.
For more details log on to https://www.icicilombard.com/.
For details, contact:

ICICI Lombard GIC Ltd. Rima Mane rima.mane@icicilombard.com Tel: +91 99877 87103

Adfactors PR Nilisha Gandhat nilisha.gandhat@adfactorspr.com Tel: +91 70211 12940

*Consolidated data till March 31, 2026, basis Annual Reports of the Company
``````html
Press Release:
ICICI Lombard launches 25 Innovations on its 25th Anniversary!

• Marks 25 Years of Keeping Promises with 25 customer-first innovative solutions
• New offerings across health, motor, home, travel and commercial insurance

Mumbai, 03 August 2026: ICICI Lombard General Insurance, India’s largest private general insurance company, today unveiled 25 Innovative solutions across multiple lines of business as part of its Silver Jubilee celebrations. The company has surpassed its earlier record of 14 new launches on one single day and is now launching 25 innovations on one day, with 5 industry-firsts. These solutions exemplify our customer first approach, uniting a customer centric mindset with the power of new age technologies like AI, across the insurance lifecycle.
Over the last 25 years, ICICI Lombard has evolved alongside the changing needs of customers, continually expanding the role of insurance beyond financial protection. Having served over 500 million customers* and settled more than 60 million claims*, the company is now shaping the next phase of protection through innovations that help customers not only recover from risks but increasingly anticipate and manage them.
Speaking on the occasion, Sanjeev Mantri, Managing Director & CEO, ICICI Lombard, said:
"For 25 years, the ethos of ICICI Lombard has been simple - to stand by our customers for promises we have made and innovate for every promise of tomorrow.
On the momentous occasion of our Silver Jubilee, I would like to express our gratitude to our entire ecosystem of stakeholders – customers, partners, employees, shareholders and Regulators for their trust and support. On this landmark day, we decided to renew our promises to our customers and as part of our celebrations, have launched 25 innovative solutions. These offerings will enable us to service diverse needs of our customers and help in making insurance more personalised, meaningful and future-ready.”
Key highlights from the 25 innovations are as follows:
Next Gen Products

• Elevate Her: A life-stage-based modular Women Care product that integrates OPD, wellness, maternity, preventive care and women-cancer related financial protection into a single solution. For the first time in the industry, it offers four customised plans to support women across different life stages with a seamless transition as their needs evolve.
• Paw Care: A comprehensive pet insurance plan covering veterinary expenses, emergencies, illnesses, accidents, surgeries and routine care for pets. Features include long term coverage and RFID tag based discounts.
• Complete Home Protect: A modular lifestyle protection solution for homeowners, covering interiors, jewellery, art, collectibles, and furnishings. Offers cashless home assistance services, policy tenure options up to 30 years, fixed capital appreciation annually, and additional living expenses if the home becomes inhabitable.

Elevating Service Experience

• Digital Branch @Sidddhivinayak (Industry First): India’s first digital insurance branch in a metro transit environment, enabling policy purchase, renewals, claims registration, online KYC, document submission and digital servicing.
• Motor Service Assure (Industry First): A time-assured roadside assistance service with a 30-minute service commitment, 24x7, across 15 cities in India.
• Motor Sahayak: Premium service offering immediate assistance during vehicle emergencies, including legal facilitation and reimbursement of defence-related expenses.
• Specialised Service Desk: Personalised service desks for senior citizens and preferred customer groups with priority access and faster assistance.

AI-led Innovations

• Voice AI (Industry First): Conversational platform supporting natural voice interactions in Hindi & English, available 24x7, completing policy purchase and payment journeys.
• Personalised Travel Planner (Industry First): AI-powered trip planner in the IL TakeCare app, generating curated itineraries with embedded insurance offerings.
• Smart Health Underwriting (Industry First): AI-powered underwriting delivering faster, seamless, self-guided digital journeys with real-time evaluations.

As ICICI Lombard enters its next chapter, these innovations reaffirm a promise that has remained constant for 25 years, to be there for customers, wherever they are and protect everything they value.
The complete list of launches is provided in the attached product briefing document.
#ICICILombard #Technology #IndustryFirst #SanjeevMantri #Innovation
About ICICI Lombard General Insurance Company Limited
ICICI Lombard is the leading private general insurance company in the country. The Company offers a comprehensive and well-diversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. With a legacy of over 25 years, ICICI Lombard is committed to customer centricity with its brand philosophy of ‘Nibhaye Vaade’. The company has issued over 39.2 million policies, over 3.4 million claims processed and has a Gross Written Premium (GWP) of ₹ 306.18 billion for the year ended March 31, 2026. ICICI Lombard has 341 branches and 15,008 employees, as on March 31, 2026.
ICICI Lombard has been a pioneer in the industry, being the first large-scale insurance company in India to migrate its entire core systems to the cloud. With a strong focus on being digitally-led and agile, the company has introduced multiple AI-powered insurance solutions. The company’s flagship insurance and wellness app, IL TakeCare, which has received over 22 million downloads, also offers the industry’s first Face Scan feature. The company has won several prestigious awards including Insurance Asia, ICC Emerging Asia Insurance, ET BFSI Exceller, ET Corporate Excellence, Golden Peacock, FICCI Insurance, Assocham, Stevie Asia Pacific, and National CSR.
For more details log on to https://www.icicilombard.com/.
*Consolidated data till March 31, 2026, basis Annual Reports of the Company

ICICI Lombard & IIM Kozhikode Ignite Innovation with Season 4 Case‑Study Challenge on Account Aggregator Framework

• Receives 1,900+ Registrations from 35+ premier institutes of the country

ICICI Lombard, one of India's leading private general insurer, has concluded the Season 4 edition of its flagship business case-study competition, IL IGNITING MINDS, in collaboration with IIM Kozhikode – one of India's premier management institutes. Designed to give young innovators a real-world platform to solve meaningful industry challenges, the initiative received 1,900+ student registrations from 35+ unique premier institutes across India.

The theme for this year's challenge, "Leveraging the Account Aggregator (AA) Framework to Transform Insurance", invited students from IIMs and IITs to explore how the AA framework can reshape key insurance functions — Underwriting, Distribution, and Claims — across Health, Home, Motor, and SME Insurance verticals.

Launched under the Data Empowerment and Protection Architecture (DEPA) by the Reserve Bank of India (RBI), the Account Aggregator framework enables individuals and businesses to securely and seamlessly share their financial data through a consent-based mechanism. While insurance is inherently a data-driven industry, insurers often face challenges in accessing accurate, timely, and comprehensive information during critical processes such as underwriting, distribution, and claims. Much of this relevant data — including income details, credit history, transaction patterns, and business performance — remains fragmented across multiple financial institutions. By enabling insurers, as Financial Information Users, to access customer-permitted data from Financial Information Providers through secure and consent-driven data sharing, the AA ecosystem holds significant potential to transform how insurance products are designed, distributed, and serviced.

Through this competition, ICICI Lombard sought to foster innovation, bridge the gap between academia and industry, discover strategic opportunities, and identify high-potential talent who can contribute to shaping the future of insurance in India. For participants, the competition offered a platform to apply analytical thinking, creativity, and business acumen to real-world challenges, gain exposure to the evolving insurance ecosystem, and collaborate with industry leaders driving digital transformation.

Building on past editions conducted with institutes such as IIM Calcutta, IIM Lucknow, NMIMS, and IIT Bombay (E-Cell), the IIM Kozhikode edition marks yet another significant step in expanding the competition's reach across India's top campuses.

Ms. Sheena Kapoor – Head Marketing, Corporate Communications & CSR, ICICI Lombard, said, “Season 4 of IL Igniting Minds reaffirmed our belief that the future of insurance will be shaped by a powerful blend of technology, trust, and human insight. With over 1,900+ student registrations from 35+ premier institutions, including leading IIMs and IITs, we witnessed young minds engaging deeply with this year’s case study topic — ‘Leveraging the Account Aggregator Framework to Transform Insurance.’

What stood out was their ability to look beyond efficiency and focus on making insurance more accessible, intuitive, and relevant to people’s everyday financial lives. Their ideas reflected not just innovation, but also empathy and responsibility — qualities that will define the next chapter of the industry. For us, IL Igniting Minds is more than a competition; it is a window into the thinking and leadership of the next generation.”

IL Igniting Minds business case-study competition, Season 4 was conducted at ICICI Lombard Head Office, where the finalist teams had an opportunity to showcase their ideas to the senior management of the company.

Lockton Introduces AI-Powered Employee Wellbeing Solution ‘LocktonThrive’ in Partnership with AdvantageClub.ai

Lockton, the world’s largest independent insurance brokerage, today announced the launch of ‘LocktonThrive’, its proprietary employee wellbeing solution powered by Lockton Services India Private Limited designed to help organisations deliver a unified, personalised, and digital-first wellbeing experience to their workforce.

Developed in partnership with AdvantageClub.ai, an AI-powered employee engagement, rewards and recognition platform enables employers to consolidate all corporate wellbeing services into a single, customisable interface.

Designed as a plug-and-play solution, the digital plaform simplifies wellbeing programme management for employers while improving employee participation. The platform brings together physical, mental, social, and financial wellbeing initiatives, supported by AdvantageClub’s technology-led engagement ecosystem, including rewards and recognition, flexible wellbeing solution, wellbeing challenges, and incentives.

Commenting on the partnership, Mr. Cedric Luah, Head of People Solutions, Lockton Asia, said, “Employee wellbeing has evolved into a true strategic priority for organisations, far beyond a traditional benefits conversation. As workforces face rising stress, shifting expectations, and increasingly diverse needs, wellbeing now plays a critical role in strengthening engagement, productivity, and long-term workforce strength. Our partnership with AdvantageClub.ai brings together advisory expertise and seamless digital integration to help employers build a more connected, data-driven wellbeing strategy – delivering measurable outcomes and supporting long-term workforce resilience.”

Sourabh Deorah, CEO and Co-Founder, AdvantageClub.ai, added, "I’ve always believed that employee wellness shouldn't feel like a complicated puzzle. Our vision at AdvantageClub.ai is to make workplaces healthier by integrating all the pieces and empowering users with choices. Partnering with Lockton allows us to do exactly that at scale! By powering LocktonThrive, we’re giving employees a single, easy-to-use platform to manage their health across physical, mental, financial, and family care. This will not only make it easy for employees but will also increase adoption by removing inefficiencies. We are essentially taking the 'work' out of wellness for HR teams, and I’m excited to see how this partnership helps the working population across India to be their best selves every day!"

This partnership underscores Lockton India’s focus on advancing how organisations approach employee wellbeing. By combining strategic consulting with digital enablement, the collaboration supports employers in responding to shifting workforce expectations and embedding wellbeing more meaningfully into their people strategies.

About Lockton

What makes Lockton stand apart is also what makes us better: independence. Lockton’s private ownership empowers its 13,100+ Associates doing business in 160+ countries to focus solely on clients’ risk and insurance needs. With expertise that reaches around the globe, Lockton delivers the deep understanding needed to accomplish remarkable results.

Founded in 1966 and headquartered in Kansas City, Missouri, Lockton has a strong presence in Asia, operating in over 24 offices across 12 countries, including key markets such as China, Hong Kong, India, Macau, Malaysia, Singapore, South Korea, the Philippines, Taiwan and Thailand. Lockton consistently ranks among the top global insurance brokers and is celebrated for its best-in-class client service and industry leadership. For more information, visit www.lockton.com

About AdvantageClub.ai

AdvantageClub.ai is a global AI-powered employee engagement, rewards, and wellness platform with offerings like rewards & recognition, wellness solutions including OPD plans, Annual health checkup, wellness challenges, sales incentive automation, flexible wellbeing solution, surveys, moments that matter, and communities on a single platform. It provides end-to-end solutions to facilitate employee engagement by digitizing the company’s R&R policies, allowing them to drive better employee retention and happiness. AdvantageClub.ai has over 15 million users, with presence in over 100+ countries, 1200+ clients, and 10,000+ brand options. Established in 2016, AdvantageClub.ai is the brainchild of UCLA postgraduates, Sourabh Deorah and Smiti Bhatt Deorah, who identified employee engagement as a space to create disruption using AI, data mining, and analytics. Headquartered in San Francisco, AdvantageClub.ai has an impressive client portfolio featuring Air India, Biocon, Concentrix, HCL, Hexaware, L&T, Tech Mahindra, Tata Steel, Teleperformance, and many more.

Insurance Awareness Committee (IAC-Life) Applauds Bima Gram API; Acknowledges Its Potential in Strengthening Rural Insurance Coverage

The Insurance Awareness Committee (IAC-Life) is banking on Bima Gram API to change the face of rural insurance penetration. Launched recently by the Insurance Regulatory and Development Authority of India (IRDAI), Bima Gram API is a pioneering digital initiative designed to streamline and authenticate insurance coverage data in rural India.

Developed by the National Informatics Centre (NIC) in collaboration with the Ministry of Panchayati Raj (MoPR), Department of Posts represented by the Centre of Excellence in Postal Technology (CEPT), and the Insurance Information Bureau of India (IIBI), the intervention comprises of a database and an API (Application Programming Interface). The Bima Gram API maps postal PIN codes to Local Government Directory (LGD) codes, creating a unified, verifiable database for rural identification. Through the Bima Gram API, insurers can now simply enter a customer’s postal PIN code to retrieve the corresponding Gram Panchayat (GP) name, ensuring instant digital verification of the policy’s rural location.

To accelerate insurance penetration in India’s rural geographies, the IRDAI has issued Rural and Social (RuSo) mandates to India’s insurers. Under the same, insurers have to cover a minimum percentage of lives, dwellings, shops, and vehicles in identified GPs and the social sector. However, over the years, insurers were finding it challenging to accurately map insurance coverage to rural areas. Most identification documents do not mention the GP name, making it difficult for insurers to accurately measure the level of insurance penetration in rural communities. This has led to cumbersome manual verification processes.

The Bima Gram API provides insurers with real-time certification and verification of rural insurance data from a trusted government source. It ensures that insurance policies emanating from rural geographies can be digitally validated, and accurately mapped with their respective GPs. Apart from reducing manual documentation, it also enhances the accuracy, speed, and efficiency of rural business reporting.

Speaking on the launch, Member, Insurance Awareness Committee (IAC-Life), said,

The launch of Bima Gram API marks a pivotal step in advancing rural insurance inclusion, and deepening and measuring insurance penetration in rural areas. Beyond helping insurers evaluate their rural penetration efforts, the API will enable us to build comprehensive baseline datasets for future policy planning and resource allocation. Bima Gram API is bound to herald a revolution in India’s life insurance history by ensuring that every rural household is served and accounted for in India’s financial safety net.

The initiative has already undergone successful pilot testing with five insurers—including two life, two general, and one health insurance company—who have integrated, tested, and verified the functionality of the API. Full industry integration is expected to be completed soon.

About Insurance Awareness Committee–Life Insurance:

87% of India continues to grapple with a significant life insurance protection gap, which continues to increase, exceeding 90% amongst those aged 18–35. This growing vulnerability is a threat to families’ financial security and aspirations.

Addressing this challenge on a war footing is crucial to maintaining our society’s socio-economic resilience and security. The Insurance Awareness Committee was formed under the aegis of the Life Insurance Council to take action on this issue.

Formed in 2019, 24 Life Insurance firms have come together to contribute under the guidance of six CEOs nominated to lead the agenda. Further comprised of a cross-industry marketing team supported by creative/media agencies, the Insurance Awareness Committee researches, plans, creates, and deploys nationwide campaigns that drive awareness, understanding, and consideration of life insurance products.

InsurTech Startup Turtlemint Files Confidential IPO Papers with Sebi, Eyes Main-Board Listing

Turtlemint Fintech Solutions Ltd, an insurtech company, has filed papers with markets regulator Sebi for its proposed initial public offering (IPO) using the confidential pre-filing route.

In a public announcement, the Mumbai-based insurance advisor-focused startup, said it has filed "the pre-filed draft red herring prospectus with Sebi and the stock exchanges...in relation to the proposed initial public offering of its equity shares on the main-board of the stock exchanges".

To assist the public offering, the company has roped in ICICI Securities, Jefferies India, JM Financial and Motilal Oswal Investment Advisors as the lead merchant bankers, according to market sources.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint is designed to simplify the purchase and management of insurance policies. The firm has sold 1.6 crore policies through its network of over five lakh advisers.

The platform helps financial advisors instantly match each customer with a suite of products best suited for their unique needs, through a digital solution, thereby making advisors & their business efficient.

Turtlemint is backed by Amansa Capital, Jungle Ventures, and Nexus Venture Partners.

ForaySoft and ES Search Develop Insurance-Specific Automation Tools for Claims and Risk Operations

Hyderabad headquartered ForaySoft, a global consulting and systems integration firm, has announced a joint development initiative with US based ES Search Consultants to deliver modular technology components for insurers.

Built to integrate into insurers’ existing stacks, the solutions include:

• Automation modules for intake and triage in claims workflows
• Pre-built risk scoring engines using structured and behavioral data
• Fraud pattern tracking tools designed for integration with SIU workflows

“Together we are developing and delivering AI driven insurance tech tools that can be embedded directly into carriers’ operational systems,” said Mrudula Munagala, President at ES Search Consultants. “These aren’t abstract platforms, they are task-specific utilities designed with underwriters, adjusters, and fraud teams in mind. Through our solutions insurers gain greater efficiency, agility, and customer trust, delivering outcomes that matter in a competitive market." Mrudula adds.

“This move aligns with ForaySoft’s vision of combining deep domain expertise with next-gen AI innovation to serve sectors that are ripe for transformation. We plan to expand our AI Center of Excellence and roll out pilot programs with key insurance clients across India, the US, and the Middle East in 2025.” said, Vasu Babu Vajja, Managing Director of ForaySoft.

ForaySoft, with over 40 experts currently in place, plans are afoot to hire 100 more across engineering and delivery teams.

The company plans to expand its AI Center of Excellence in Hyderabad and roll out pilot programs with key insurance clients across India, the US, and the Middle East in FY 2025-26.

According to a McKinsey Report - Insurers that are AI leaders are already outshining their peers. Reportedly, over the past five years, the insurance sector’s AI leaders have created 6.1 times the Total Shareholder Returns (TSR) of AI laggards (compared with two to three times in most other sectors).

About ForaySoft: Hyderabad based, ForaySoft Founded in 2011 Founded in 2011, is a global technology and consulting firm with over 300 projects delivered across 6 countries. Backed by 3,000+ professionals and 50+ developer teams, the firm helps enterprises modernize operations and implement scalable, industry-specific solutions.

ICICI Lombard Becomes One of The 1st Indian Insurer with Fully Automated AWS Multi-Region DR, Enabled by TCS

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) a global leader in IT services, consulting, and business solutions, has successfully enabled ICICI Lombard to achieve fully automated AWS multi-region Disaster Recovery (DR) switchover. This establishes ICICI Lombard as one of the first insurance companies in India to achieve fully automated multi-region resilience on the Amazon Web Services (AWS) Cloud.

The innovative DR solution—designed to ensure business continuity in the face of unexpected disruptions—leverages automation-first, infrastructure-as-code approach. It leverages AWS-native technologies to enable intelligent, automated failover for key systems with minimal downtime or manual effort. With TCS as its growth partner, ICICI Lombard has been operating on AWS Cloud since 2021. To strengthen business continuity and achieve geographical redundancy, TCS helped the insurer establish a robust, scalable and fully automated DR setup.

Girish Nayak, Chief – Technology and Health (Underwriting & Claims), ICICI Lombard, said, “With resilience at the core of our digital operating model, and TCS as our strategic technology partner, we’ve been able to transform our disaster recovery capabilities into a truly agile, automated and cloud-native setup. This not only enhances our readiness for unexpected infrastructure disruptions but also reinforces our commitment to uninterrupted service to our customers. I would like to thank and congratulate TCS for enabling this automated disaster recovery solution by leveraging their cloud expertise in the insurance domain.”

TCS brought on board its deep domain expertise in the insurance industry and used its contextual knowledge of ICICI Lombard’s systems to deliver a best-in-class DR solution. The automation solution was built using highly performant data driven serverless architecture designed for large scale orchestration. This implementation not only improves operational resilience and reduces recovery time but also sets a new industry benchmark for automated disaster recovery in the BFSI sector.

Ujjwal Mathur, President & Country Head – India Business, TCS, said, “This engagement highlights our commitment to helping clients achieve next-generation resilience through cloud-native innovation. This intelligent, automation-led DR solution sets a new benchmark for BFSI organizations by enabling seamless, fast and scalable disaster recovery with zero touch. We are proud to partner with ICICI Lombard to reimagine infrastructure resilience in this digital era.”

TCS has been ICICI Lombard’s strategic IT partner since 2006 and has been managing their datacenter operations since 2013. TCS has been instrumental in seamlessly migrating all the ICICI Lombard applications to public cloud in 2021 and has since been supporting the ICICI Lombard cloud environment. It is now modernizing the insurer’s systems – Project Orion – with TCS BaNCS™ Insurance being deployed as part of the program. TCS is a leading player in the BFSI sector, partnering with top banks, leading insurance firms, prominent capital market entities, major investment banks, and wealth management companies globally.

TCS BaNCS™ for Insurance is a comprehensive offering suite, supporting a range of insurance products and functions, including customer management, product definition, plan management, policy administration, claims management, insurance accounting and reinsurance, along with a digital suite that can be tailored based on persona, among several options

Mphasis Announces Strategic Partnership with Sixfold to Strengthen Insurance Underwriting Capabilities

Mphasis, (BSE: 526299; NSE: MPHASIS), an Information Technology (IT) solutions provider specializing in cloud and cognitive services, today announced a strategic partnership with Sixfold, the US and UK-based AI underwriting company redefining how insurers assess risk.

As an implementation partner, Mphasis will integrate Sixfold’s AI platform to help insurers accelerate their underwriting process—speeding up submission intake and equipping underwriters with the contextual risk insights they need to make faster, more confident decisions. Designed for Life & Disability, Commercial P&C & Specialty, and Reinsurance, Sixfold reduces review times by more than half and increases Gross Written Premium (GWP) per underwriter by enabling smarter, faster risk selection —without sacrificing accuracy.

Through this partnership, Mphasis aims to help streamline underwriting processes, enhance operational efficiency and drive intelligent decision-making using Sixfold’s advanced AI solutions. Already in production at market-leading carriers, Sixfold’s platform integrates seamlessly into existing workflows and quickly adapts to each insurer’s unique risk appetite—delivering tailored recommendations that align with the insurer’s underwriting guidelines.

“Mphasis is excited to partner with Sixfold to accelerate AI adoption in the insurance industry. By leveraging Sixfold’s AI expertise in combination with expertise from Mphasis.ai and our insurance technology capabilities, we are able to deliver advanced, data-driven automation solutions for global insurers, driving efficiency, accuracy, and innovation across the insurance value chain,” said Srikumar Ramanathan, Chief Solutions Officer, Mphasis.

“Sixfold was built to solve real problems for underwriters—and to make the entire process better for brokers and customers,” said Alex Schmelkin, Founder & CEO of Sixfold. “That means making implementation simple and fast. Mphasis has a great track record of getting technology live inside real-world insurance workflows. With them, insurers can move quickly, see impact fast, and do it all without adding extra work to their teams. That’s a win for everyone involved.”

This partnership marks a significant step in the evolution of insurance underwriting, allowing insurers to navigate the future of risk assessments with greater speed and accuracy.

Capri Global Selects Girnar Finserv's InsurTech Platform, Heph, As Its Technology Partner

• Capri anticipates reduced policy issuance time by 80% with multi-insurer product comparison suiting their customer needs

Heph, India's largest Insurance SaaS Platform and a Girnar Finserv Entity has announced its partnership with Capri Global Capital Ltd known by the brand name Capri Loans, one of the leading NBFCs known for its innovative approach to lending and financial services in India. Capri has chosen Heph as its technology partner owing to its comprehensive white-label Insurance SaaS platform tailored to BFSI needs.

Through this collaboration, Capri Loans will seamlessly embed insurance products across its lending ecosystem, including the introduction of a Group Health Insurance product and other insurance product as per the customer requirements and choice. Having integrated Heph’s multi-insurer, multi-channel capabilities, Capri Global will offer customized third party insurance solutions directly within its loan products, driving a new revenue stream while enhancing customer value.

How Capri Loans Benefits from Heph’s Insurtech Solutions:

• Seamless White-Label Integration: Heph’s API-driven, fully customizable platform enables Capri Loans to embed insurance within its existing digital ecosystem to be obtained by customers at their option, ensuring a frictionless experience for customers and sales teams alike.
• Multi-Insurer, Multi-Channel Capability: Capri Loans can now offer a diverse range of insurance products, including custom-created products (Motor, Health, Life, Group), through various distribution channels including Assisted, D2C, and Embedded, enhancing cross-sell opportunities.
• Custom Workflows for Optimized Operations: The platform is tailored to Capri Loan’s operational needs, automating policy issuance, claims processing, and compliance workflows to ensure smooth execution at scale.
• Reduced Policy Issuance Time by 80%: Heph’s advanced automation tools drastically cut down processing time, enabling issuance of policies in minutes rather than days.
• Comprehensive Backend Management: The platform consolidates operations, including policy administration, invoice management, IRDAI compliance, and reporting, ensuring complete regulatory adherence.
• Enterprise-Grade Security: With SOC2 and ISO-certified security protocols, Capri Loans benefits from best-in- class data protection and encryption standards.

Ayush Bagmar, Business Head of Heph, said, “At Heph, we are reimagining the way insurance is distributed by enabling financial institutions to introduce the right insurance products to the right audience. Our partnership with Capri Global furthers this vision. By leveraging Heph’s white-label, full-stack platform, Capri Global can now scale its offerings and drive meaningful engagement through its platform”

Magesh Iyer, Chief Operating Officer at Capri Global Capital Ltd added, “Offering our customers a wide array of insurance solutions that fits their requirement is an important objective for us. We also understand that beyond offering the right solutions, the experience of the same has to be customer oriented. This partnership enables us to reimagine the entire customer journey. Heph’s platform, a one stop shop for all insurance needs will accelerate our growth and help us serve our customers better.”

With Heph as its insurtech partner, Capri Loans is set to unlock new growth opportunities, boost policy issuance speed, and drive significant revenue expansion through insurance cross-sell, potentially increasing revenue The partnership marks a pivotal step in digitizing insurance distribution in the BFSI sector, setting new benchmarks for operational excellence and customer-centric financial solutions.

Further AI Raises $5 Mn Led By Nexus Venture Partners

Led by Nexus Venture Partners, the new investment will help the AI company advance its commercial insurance AI, add more enterprise integrations, and grow its team.

FurtherAI, the company behind AI assistants that master complex insurance workflows, has raised $5 million in a seed round of funding led by Nexus Venture Partners (through their latest $700 million AI-dedicated fund), with participation from Pioneer AI Fund, South Park Commons, Y Combinator, ConvergeVC and strategic investors such as Xceedance, along with several insurtech angel investors. This brings the total funds raised by the company to over $5 million. FurtherAI is also expanding into the UK, where insurers are accelerating AI adoption to modernize underwriting, compliance, and claims processing.

The funding will be used by the tech firm to grow its AI team, drive strategic industry engagement, and expand and enhance the product’s capabilities.

Purpose-built for the insurance industry, FurtherAI’s AI automates complex document processing and integrates disjointed systems to revolutionize underwriting, compliance, and claims processing at scale. This investment marks a significant milestone as the company continues to drive efficiency and innovation in commercial insurance.

FurtherAI’s innovative technology is already trusted by leading insurers and carriers worldwide, with customers writing more than $15 billion in premiums.

Commercial insurers have long struggled with increasing expense ratios and loss ratios, and a shrinking talent pool. FurtherAI addresses these challenges with a platform that delivers superior accuracy, achieving 95-97% accuracy compared to 70-77% accuracy with manual processing. It also seamlessly integrates into existing systems. Key benefits include:

• Modular Adaptability: A “LEGO block” design that quickly adapts to current workflows.
• Enhanced Accuracy: Achieving 95-97% accuracy for reliable outcomes.
• Seamless Integration & Scalability: Designed to integrate with legacy systems and scale across diverse use cases – from underwriting to claims processing.

Aman Gour, co-founder and CEO of FurtherAI, said, “When we first partnered with the insurance industry, many claimed it was slow to innovate and held back by repetitive tasks. We saw it differently: insurance isn’t inherently sluggish or mundane—it just needed more advanced technology. Now, with large language models, we’re unlocking the industry’s true potential. I’m thrilled that top investors recognize this opportunity, enabling us to drive real change in the industry.”

Sashank Gondala, co-founder and CTO of FurtherAI, said, “We’ve seen a lot of untapped potential because traditional models don’t fully meet the unique needs of specialized insurance. At FurtherAI, we’re committed to building far better and more accurate solutions while upholding the strict privacy and compliance standards that the industry demands."

Commenting on the investment, Jishnu Bhattacharjee, Managing Director at Nexus Venture Partners said, “FurtherAI’s autonomous AI Agents are set to transform the commercial insurance industry: their solution’s accuracy and adaptability not only boost efficiency and competitiveness but also address what has been a long-enduring talent shortage in the industry. By automating tedious tasks, existing teams can focus on high-value, strategic work that not only eases the strain on current teams, but also makes the industry more appealing to the next generation of talent. We are thrilled to back Aman, Shashank and team as they bring advanced AI to change traditional industries for the better”.

FurtherAI’s technology is already making a big impact for many insurers and carriers in several key areas, including:

• A large managing general agent (MGA) handling over $1.5 billion in premiums doubled its underwriter productivity by streamlining submission processes.
• A risk exchange estimates doubling the number of policies audited while cutting compliance audit times by 20%+ in the first year.
• A regional insurer boosted its policy comparison process by over 95%, leading to quicker and more accurate insights.

About FurtherAI - FurtherAI is a San Francisco-based AI company transforming the insurance industry through intelligent automation. Its advanced AI solutions streamline complex workflows by processing vast amounts of insurance data, navigating internal systems, and automating critical tasks such as submission intake, policy comparison, loss runs processing, and underwriting audits. By reducing manual effort, FurtherAI empowers insurers and MGAs to improve accuracy, efficiency, and decision-making at scale. FurtherAI meets the highest security and compliance standards, including SOC 2, ISO 27001, and GDPR.

Founded by AI and insurance experts with backgrounds at Microsoft, Apple, and leading insurance companies and insurtech startups, FurtherAI combines deep technical innovation with real-world industry expertise. Co-Founders Aman Gour and Sashank Gondola bring extensive experience in AI-driven workflow automation, while insurance veteran Ben Grosser has built and scaled underwriting models for top insurance firms. Together, its team is building AI-powered teammates that help insurers eliminate operational bottlenecks, enhance risk assessment, and drive profitable growth. For more information, visit FurtherAI at https://www.furtherai.com

GenAI-powered HealthTech Startup Consint.AI Raises Rs 5 Cr in Seed Round Led by Equanimity Ventures & Seafund

• Consint.AI is a pioneering Generative AI-driven healthcare technology company dedicated to transforming healthcare transactions and drive personalized care.
• The Company has developed cutting-edge platforms like Risk.ai, engineered to optimize insurance transactions and mitigate fraud, waste & Abuse and CIPHR.ai, designed to enhance critical patient management and streamline claims generation for hospitals. These solutions are deployed across India, Middle East and Africa
• Funds raised will be deployed to scale operations through expanded sales outreach and accelerate the development of Generative AI Feature Suite for Health AI Platform
• The company has recently launched CIPHR.ai, an AI-driven platform tailored for hospitals, built upon custom Generative AI models to revolutionize care personalization in critical patient management. CIPHR.ai provides point-of-care intelligence to doctors and streamlines claims transactions, enhancing efficiency for healthcare providers.Consint.AI is focused on transforming the $600 billion healthcare transaction market by making claims transactions seamless and enabling value-based care. With a projected 4x YoY business growth, the company is strategically expanding its Risk.ai product across private and public insurance markets in the APAC and MEA regions.

GenAI driven healthcare Insurance fraud and risk management company Consint.AI has raised Rs 5 Cr in a seed round led by Equanimity Ventures and Seafund. The capital raised will be deployed to scale operations through expanded sales outreach and accelerate the development of Generative AI Feature Suite for Health AI Platform. This includes enhancing fraud detection, optimizing claims processing, and delivering personalized clinical care to drive innovation in healthcare. Funding raised in the current round will also support team expansion, infrastructure upgrades, and R&D efforts to strengthen its position as a leader in the health tech solutions market.

Commenting on the investment, Manoj Agarwal, Managing Partner, Seafund, says, “Our focus on emerging tech like GenAI, deep tech, IoT and sustainability has been the guiding force when it comes to backing unique and innovative startups. Consent.AI’s laser sharp focus on solving the problem of healthcare Insurance claims processing and fraud detection improving performance of Insurance and Healthcare institutions is a multi-billion dollar problem to solve and we believe that we have the necessary expertise and network to help the company grow and reach its ambitions.”

Founded in 2020 by Ashish Chaturvedi and later joined by Swadeep Singh as Co-Founder, Consint.AI is a pioneering Generative AI-driven healthcare fraud and risk management company dedicated to transforming healthcare transactions and personalized care. Consint cutting-edge platforms like Risk.ai, engineered to optimize insurance transactions and mitigate fraud, and CIPHR.ai which is designed to enhance critical patient management and streamline claims generation. By harnessing advanced Generative AI solutions, the company empowers businesses across emerging markets and the U.S. to drive value-based care, operational efficiency, and sustainable growth.

In the last 12 months, Consint.AI has achieved remarkable traction, expanding into India, the Middle East, and Africa. The company has recently launched CIPHR.ai, an AI-driven platform tailored for hospitals, built upon custom Generative AI models to revolutionize care personalization in critical patient management. CIPHR.ai provides intelligence at point of care and generates claims transactions enhancing efficiency for healthcare providers. Targeted at emerging health markets and the U.S. Accountable Care Organization (ACO) sector, this platform leverages Generative AI to address the evolving needs of modern healthcare systems.

In the last two quarters, the company has achieved significant growth, securing INR 10+ crore in signed contracts. This includes multiple multi-year agreements with leading insurance providers and hospital systems, highlighting strong market validation and growing demand for its innovative solutions, particularly in the areas of Generative AI and Document Forensics. These strategic partnerships underscore the company's commitment to delivering innovative solutions and solidifying its presence in emerging markets.

Ashish Chaturvedi, Founder and CEO, Consint, says, "This current market traction and milestones highlight the transformative potential of Generative AI in reshaping healthcare as we know it. At Consint, we are pioneering GenAI-driven platforms like CIPHR.ai and Risk.ai to solve complex challenges in healthcare transactions and personalized care. Our focus remains on advancing our Generative AI capabilities to drive innovation, deliver impactful solutions, and empower businesses globally to achieve seamless operations and value-based care. This funding accelerates our mission to lead the charge in AI-powered healthcare transformation."

Consint plans to continue expanding Risk.ai to drive seamless transactions in the emerging InsurTech markets, with a focus on product enhancements and accelerated sales efforts. Additionally, it aims to strategically penetrate the U.S. market by establishing a strong product-market fit for its CIPHR.ai Provider Platform, leveraging its Generative AI solutions to meet the specific needs of healthcare providers and Accountable Care Organizations (ACOs). These initiatives are geared towards solidifying the company’s presence in key markets and driving sustainable growth.

About Seafund

Seafund is a Category 2 Alternate Investment Fund (AIF) registered with the Securities and Exchange Board of India (SEBI) and is an early stage focused technology fund with Deeptech as one of its underlying themes. The fund provides Capital to mission-driven teams building Technologies of Tomorrow and brings its Commitment, Network and Experience to each of their investments. Their mission is to help the next set of founders, with early Venture Capital, to build highly scalable and efficient Global Businesses. Along with Fintech, Enterprise SaaS and Healthcare, the fund also focuses on AI, Semiconductors, Space, Robotics, Energy, Climate and Materials.

Seafund is run by a stellar founding team comprising of Manoj Kumar Agarwal, Mayuresh Raut and Narendra Bhandari as Partners. They bring rich experience in investing, building and selling technological products, Global GTM and a rich network of domain experts and business leaders. This core team has lived and breathed building businesses across multiple B2B environments. Seafund’s ecosystem of best-of-breed legal, accounting, IP consulting enables them to do faster due diligence, decision-making, and deal closure.

About Consint.AI

Consint.AI is a pioneering Generative AI-driven healthcare fraud and risk management technology company dedicated to transforming healthcare transactions and personalized care. With cutting-edge platforms like Risk.ai, engineered to optimize insurance transactions and mitigate fraud, and CIPHR.ai, designed to enhance critical patient management and streamline claims processing, Consint is leading the charge in tackling complex challenges within the $600 billion healthcare market. By harnessing advanced Generative AI solutions, the company empowers businesses across emerging markets and the U.S. to drive value-based care, operational efficiency, and sustainable growth.

Wipro Invests in US-based Insurtech Consulting Firm Aggne, Picked Up Majority Stakes

Wipro Limited, a leading technology services and consulting company, today announced that it has made a significant investment in Aggne, a leading consulting and managed services company serving insurance and Insurtech industries.

With this investment, Wipro becomes a majority shareholder in Aggne, which brings to Wipro a highly sought-after and unique set of capabilities and Intellectual Property (IP) in the property & casualty (P&C) insurance space. The combined capabilities of Wipro and Aggne will help deliver enhanced value, faster speed-to-market, and differentiated services to clients in the P&C sector.

“Aggne’s unique capabilities will allow us to significantly strengthen our value proposition in a fast-growing part of the insurance sector,” said Ritesh Talapatra, Senior Vice President, Capital Markets and Insurance, Americas 2 Strategic Market Unit, Wipro Limited. “The Aggne team has a deep and well-established experience in the P&C insurance space. Their unique IP and modular approach to implementations significantly accelerate time-to-market, driving faster business outcomes and better client satisfaction. This, combined with Wipro’s deep relationships and global scale, will help us drive significant synergies and uncover new growth opportunities.”

Aggne offers a wide range of services designed to help insurers transform operations, drive new efficiencies, and deliver optimal customer experiences. The company focuses on building industry-changing solutions for the P&C insurance industry, with a commitment to collaborating with clients as partners.

Aggne’s services include IP-led consulting, implementation, and managed services with a strong focus on the Duck Creek platform—a full suite of cloud-based, low-code products that enable P&C insurers to fast-track product development and drive ongoing innovation.

“We are thrilled to add Aggne’s unique capabilities to our portfolio,” said Harpreet Arora, Senior Vice President and Global Head of Banking, Financial Services and Insurance Domain & Consulting at Wipro Limited. “Their innovative, IP-driven consulting capabilities in the insurance space and premier partnership status on the Duck Creek platform stand out in the marketplace. Combined with our domain expertise, these capabilities will allow us to bring clients a truly end-to-end offering that will help them drive competitive advantage and customer loyalty.”

Mike Jackowski, Chief Executive Officer of Duck Creek Technologies, added, “We are excited about the partnership between Aggne and Wipro. Aggne's deep expertise and experience in implementing Duck Creek products, combined with Wipro's scale, insurance industry acumen, and global reach, will greatly benefit our customers. This investment by Wipro brings together the best in two leading firms and will help drive innovation to the insurance industry through the deployment of leading SaaS-based solutions.”

Aggne is a recognized leader and premier partner in the Duck Creek ecosystem. The company is the recipient of the Duck Creek Technologies 2023 Americas Value Creation Partner of the Year award.

“We are excited about the growth opportunities this new partnership creates for our company and our current and future clients,” said Asha Kalidindi, Co-Founder and CEO of Aggne. “Joining forces with Wipro will allow us to reach a larger and global set of clients and deepen our presence in the insurance sector. Further, Wipro’s commitment to talent development will provide our employees with new growth opportunities. With access to Wipro’s scale and deep technical capabilities, as well as investments in artificial intelligence, we will be able to innovate faster, expand our capabilities and build new ones in alignment with evolving industry needs. We look forward to tapping into the potential ahead of us and driving continued growth for our clients.”

Founded in 2019, Aggne is incorporated in the United States and India, with offices in Tampa, Florida, and Hyderabad, India. The company has 230 employees based in India and the United States.

HCLTech Partners InsurTech Startup Roadzen To Harness AI and Data Engineering

HCLTech has partnered Roadzen, an AI-driven auto insurance technology company to harness the power of AI and data engineering to deliver benefits to both auto insurance carriers as well as their customers.

The partnership will help auto owners preserve the value of their assets, improve safety and reduce insurance premiums. At the same time, it will help carriers with better insights into driver behaviors and improve loss ratios.

Founded 2015, by Rohan Malhotra, Roadzen's pioneering work in telematics and computer vision has earned recognition as a top Al innovator by publications such as Forbes, Fortune and Financial Express. Roadzen has about 400 employees across its global offices in the US, India, UK and France.

"Partnering with Roadzen aligns with our commitment to constantly evolve and offer unparalleled services to our insurance customers. We see AI as a transformative power in the insurance sector and believe the combination of HCLTech’s trusted delivery capabilities with Roadzen’s AI leadership creates a solution that all our clients will be excited to engage with, to redefine insurance experiences," said Srinivasan Seshadri, Chief Growth Officer and Global Head, Financial Services, HCLTech.

The HCLTech-Roadzen partnership underscores the significance of telematics, computer vision and AI in the auto insurance industry. The collaboration draws on and significantly enhances HCLTech’s domain expertise in auto insurance and related service offerings, positioning HCLTech as a forward-looking provider of next-gen insurance technology to clients.

"We are thrilled to collaborate with an industry leader like HCLTech. This synergy perfectly embodies Roadzen's mission to revolutionize insurance through AI and tech-forward solutions," said Rohan Malhotra, Chief Executive Officer and Founder of Roadzen.

HCLTech was positioned as Leader in the Everest’s Insurance Business Model Innovation Enablement Services – PEAK Matrix Assessment 2021. It was also recently named a Leader and Star Performer in Everest Group’s Application and Digital Services (ADS) in Property & Casualty (P&C) Insurance PEAK Matrix® Assessment 2023.

Roadzen (RDZN:NASDAQ) is a leading insurance technology company on a mission to transform global auto insurance powered by AI. Thousands of clients - from some of the world’s leading insurers, fleets and carmakers to small fleets, brokers and insurance agents - use Roadzen’s technology to build new products, sell insurance, process claims and improve road safety. Roadzen’s pioneering work in telematics and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune and Financial Express. Roadzen has 400 employees across its global offices in the US, India, UK and France. To learn more, please visit www.roadzen.io.

HCLTech is a global technology company, home to more than 221,000 people across 60 countries, delivering industry-leading capabilities centered around digital, engineering, cloud and AI, powered by a broad portfolio of technology services and products. We work with clients across all major verticals, providing industry solutions for Financial Services, Manufacturing, Life Sciences and Healthcare, Technology and Services, Telecom and Media, Retail and CPG, and Public Services. Consolidated revenues as of 12 months ending September 2023 totaled $12.9 billion. To learn how we can supercharge progress for you, visit hcltech.com.

Wipro To Bring Generative AI To Healthcare Insurance Companies Using NVIDIA AI Enterprise

Collaboration brings together companies’ deep expertise and research in AI and large language models, powered by NVIDIA AI Enterprise software

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, has recently announced a collaboration with NVIDIA to help healthcare companies accelerate adoption of generative artificial intelligence (gen AI) through AI-driven strategies, products, and services.

Wipro will leverage NVIDIA AI Enterprise software for the production of AI across its current portfolio of healthcare solutions in Affordable Care Act (ACA), Medicare, and Medicaid to improve member experience, increase enrolment, and help support claims adjudication. As a result, healthcare organizations will be able to achieve faster, and easier consumption of large language models (LLMs) powered by NVIDIA AI Enterprise, leading to increased productivity, deeper member intelligence, and better operational efficiencies and paving the way for the next wave of healthcare solutions.

“We are delighted to team with NVIDIA to develop next-generation, scalable AI solutions to help our healthcare clients tap into the power of generative AI,” said Nagendra Bandaru, President and Managing Partner, Wipro Enterprise Futuring. “This collaboration will allow us to deliver AI-enabled innovation for the healthcare industry at scale and drive healthcare solutions with advanced computing capabilities. We are looking forward to building healthcare specific solutions for a new era of AI-led innovation and business transformation.”

The collaboration will leverage the NVIDIA AI platform for generative, speech, and translation AI, including NVIDIA AI Foundation Models for building and customizing generative AI models for any application in the NVIDIA AI Enterprise software, such as NVIDIA NeMo and Riva, and the NVIDIA DGX platform.

The integration of these technologies with Wipro’s Enterprise Generative AI (WeGA) framework will enable Wipro to co-develop and deploy custom models for speech and translation AI, as well as other LLMs. Wipro has already developed multiple AI-first enterprise offerings across the healthcare industry leveraging the NVIDIA AI platform. These include an industry-leading billing and enrolment solution in the Medicare and ACA market segment, provider and member services leveraging gen AI capabilities, and specific offerings to improve claims processing and provider data accuracy.

“We are excited to expand on this collaboration with NVIDIA. Wipro’s deep healthcare experience, innovative AI frameworks, and platforms combined with NVIDIA’s leadership in accelerated computing and AI will help the world’s largest healthcare entities to embrace new AI capabilities and re-imagine their business,” said Jason Eichenholz, Senior Vice President and Global Head of Ecosystems & Partnerships at Wipro.

Wipro plans to continue building NVIDIA-powered solutions that will help automate the software development lifecycle and accelerate digital and business transformation. Through an AI Center of Excellence with NVIDIA, Wipro engineers will receive large-scale ongoing training on NVIDIA’s application frameworks in areas like generative AI, the metaverse, conversational AI, and data analytics to accelerate the development of custom solutions.

“Companies are eager to integrate multilingual, voice-enabled generative AI into business applications that are powered by the highest-performing, most energy-efficient solutions available,” said Manuvir Das, Vice President of Enterprise Computing at NVIDIA. “The NVIDIA AI platform supports Wipro’s ongoing commitment to provide its clients with the most advanced, secure, and reliable AI technology and services.”

Most recently, Wipro has been working with the healthcare sector in transforming the contact center experience through generative, speech, and translation AI, providing patients with accurate, contextual, personalized, and timely responses to their care needs based on their past medical records, claim history, and provider information.

For more information on Wipro’s collaboration with NVIDIA, please visit https://www.wipro.com/partner-ecosystem/nvidia-alliance/

About Wipro Limited

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With 250,000 employees and business partners across more than 60 countries, we deliver on the promise of helping our clients, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com.

6 out of 7 Indian InsureTech Unicorns Focus on B2C, Tackling Penetration Hurdles, Says ICICI Lombard-NASSCOM Research

ICICI Lombard, India's leading private sector general insurance company in collaboration with nasscom has launched a research report titled “Digitalizing Insurance: India End-Consumer Perspective”. Launched at the sidelines of Future Forge 2023, the report highlights the tech integration in the insurance ecosystem – from the creation of tailored insurance products to the ways customers discover, purchase, and manage their policies – and what trends and shifts that are shaping the future of insurance in India.

India as an overall insurance market has grown at nearly 8.4% p.a. since 2018, compared to the global 2.4% during the same time. Non-life insurance have grown a lot faster, clocking between 15% - 20% growth, and surpassing that of life insurance in FY2022. The rise of the sector’s penetration has been in sync with the growing share of its private insurance players significantly. Technology investments in the sector have also increased significantly, driving access and affordable adoption for the consumers.

According to the report, Indian InsurTech startups have successfully secured a collective funding of $2.6 billion since 2018, with approximately 90% of these investments fueling end-to-end InsurTech players. This substantial funding injection has significantly enhanced awareness of various non-life insurance products in India. As per the report, 6 out of 7 Unicorns in India's InsurTech domain are dedicated to the B2C sector, addressing the critical issue of penetration.

 

Digital India mission and standardization of India’s tech stack approach, inspired by UPI’s success, can further aid rapid growth to the insurance market over the next 5-7 years.

India’s digital insurance journey

The report states that the growing digital-usage, data privacy, access to human guidance, and reliable online services are top-of-mind to consumers than the benefits of new-age technology solutions. Going forward, consumer preferences with digital insurance will be centred around simple-to-understand, transparent, trustworthy, and personalized services. Additionally, 24*7 access to the services, user-friendly web interface, mobile accessibility and competitive premium rates will define the future course for the insurers.

Sangeeta Gupta, Sr. Vice President and Chief Strategy Officer at NASSCOM, said, “The insurance industry has traditionally relied on face-to-face sales conversations, but with the advent of digitalization, it has transitioned into a hybrid model approach. Cutting-edge technologies such as machine learning, artificial intelligence, automation, and data analytics have played a pivotal role in the digital transformation of insurance operations.”

Girish Nayak, Chief – Technology and Health UW & Claims at ICICI Lombard, said, "In the contemporary insurance landscape, the integration of cutting-edge technologies such as AI, ML, data analytics and digital is profoundly reshaping industry dynamics. Insurers have transcended their traditional roles as mere policy providers and claim payers; they've evolved into architects of data-driven customer journeys and builders of risk management strategies. These transformative technologies empower insurers to offer policies that are finely tailored to individual needs, expedite claims processing with unprecedented efficiency, and gain invaluable insights into customer behaviour. In this digital-driven evolution, ICICI Lombard, as a leading insurance company, not only mitigates risks but also embraces opportunities, where data and customer-centricity are paramount. As the industry marches forward into this era of digitalization, it's about building enduring lifetime relationships with customers, enhancing and protecting their lives, and contributing to a more secure and connected world."

InsurTech Funding Landscape (India) –

• Indian InsurTech Start-Ups raised aggregate $2.6 Bn since 2018 which is relatively more robust with stable share of Insurtech funding as compared to Global InsurTech funding in 2022. 
• ~90% of $2.6 Bn Funding in InsurTech has gone into B2C/Aggregators or End to End InsurTech players positively impacting policy Awareness of various Non-Life Insurance products in India.
• 6 out of 7 Unicorns in India's InsurTech space out are B2C helping solve for Penetration challenge which is 1% Premium as a % of GDP (1/4th of Global Avg)
• 4X to 5X Premium Growth of Funded Aggregators as compared to traditional insurers. As compared to Global (80-90%), in India only 10% of Equity funding in InsurTech goes towards B2B InsurTech Start-Ups that are creating technology solutions for offering custom products (Dynamic products), risk assessments, policy administration to claim processing.

About nasscom

nasscom is the premier trade body and chamber of commerce of the Tech industry in India and comprises over 3000-member companies. Our membership spans across the entire spectrum of the industry from startups to multinationals and from products to services, Global Capability Centers to Engineering firms. Guided by India's vision to become a leading digital economy globally, nasscom focuses on accelerating the pace of transformation of the industry to emerge as the preferred enabler for global digital transformation. Our strategic imperatives are to reskill and upskill India's IT workforce to ensure that talent is future-ready in terms of new-age skills, strengthen the innovation quotient across industry verticals, create new market opportunities - both international and domestic, drive policy advocacy to advance innovation and ease of doing business, and build the industry narrative with focus on Talent, Trust, and Innovation. And, in everything we do, we will continue to champion the need for diversity and equal opportunity.

About ICICI Lombard General Insurance Company Ltd.

ICICI Lombard is the leading private general insurance company in the country. The Company offers a comprehensive and well-diversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. With a legacy of over 21 years, ICICI Lombard is committed to customer centricity with its brand philosophy of ‘Nibhaaye Vaade’. The company has issued over 32.7 million policies, settled 3.6 million claims and has a Gross Written Premium (GWP) of ₹217.72 billion for the year ended March 31, 2023. ICICI Lombard has 305 branches and 12,865 employees, as on March 31, 2023.

ICICI Lombard has been a pioneer in the industry and is the first large scale insurance company in India to migrate its entire core systems to cloud. With a strong focus on being digital led and agile, it has launched a plethora of tech-driven innovations, including the industry first Face Scan on its signature insurance and wellness App - IL TakeCare, with over 6.9 million user downloads. The company has won several laurels including ET Corporate Excellence Awards, Golden Peacock Awards, FICCI Insurance Awards, National CSR awards etc. for its various initiatives. For more details log on to https://www.icicilombard.com

Onsurity Secures $24 Mn in Funding from World Bank's IFC, Nexus Venture Partners, and Quona Capital

Yogesh Agarwal and Kulin Shah (L-R)

The company aims to serve 50,000 businesses and 5 million lives by 2026

Onsurity, India’s first SME-focused monthly subscription-led employee healthcare benefits provider, has raised $24 million in Series B funding. The round is led by International Finance Corporation (IFC), the largest global development institution. Additionally, existing investors Nexus Venture Partners and Quona Capital also participated in the round.

The insurtech start-up will utilise this funding to work with its insurance partners to facilitate an unparalleled claims experience for its members by co-creating a technology solution to drive a seamless and transparent journey. This initiative is particularly geared towards eliminating prolonged waiting periods and uncertainties typically associated with claims. This will ensure that all members experience a fully digital, transparent, and efficient benefits utilisation journey that is powered by Artificial Intelligence (AI).

Additionally, these funds will bolster the company's overarching vision to forge partnerships with 50,000+ companies and provide coverage to over 5 million lives by 2026. A portion of this funding will also be allocated towards the company's efforts to charting its path to profitability.

Speaking on the milestone, Yogesh Agarwal, Founder and CEO, Onsurity said, “We are immensely proud of reaching this milestone. Our goal has always been to revolutionise employee healthcare benefits, making them accessible and user-friendly for India’s SMEs. With the strong support of IFC, Nexus Venture Partners, and Quona Capital, we will further intensify our efforts in scaling our tech-based platform which will enable us to extend insurance coverage to a larger spectrum of SMEs, ensuring a comprehensive safety net for their operations.”

Kulin Shah, Co-founder and COO, Onsurity said, “India's SMEs stand at the threshold of a transformative era. The fresh infusion of funds will supercharge our mission to broaden our product offerings by crafting one of the finest tech-led distribution stacks in the industry. It underscores our commitment to shaping innovative partnerships, exploring new geographies, and penetrating underserved customer segments.”

In August, Onsurity became the fastest new-age insurtech to serve a million lives. The company’s reach spans across 5,000+ businesses, leaving an impact on SMEs in 26 Indian states and 3 union territories. It's noteworthy that over 80% of businesses purchasing healthcare memberships from Onsurity have ventured into employee healthcare for the first time.

“The availability of insurance coverage is vital for economic risk management and bolstering social security. Our recent funding underscores our dedication to a technology platform that improves accessibility of employer-sponsored health insurance services," said Wendy Werner, IFC Country Head, India. "Out-of-pocket healthcare expenses can be a significant burden for employees of SMEs. Health insurance helps SMEs manage their expenses while supporting their employees."

With the mission of making healthcare benefits accessible to India’s 'missing middle', Onsurity has catered to a spectrum of companies, ranging from small teams of 3 to established businesses with over 1,000 employees. From covering business executives and start-up employees to gig workers and their dependents, the company boasts of a diverse and inclusive member base. More than half of Onsurity’s members are blue-collar workers, and close to 40% hail from tier II and tier III cities.

Anup Gupta and Anand Datta of Nexus Venture Partners have brought a wealth of experience and strategic acumen to Onsurity’s board. Ganesh Rengaswamy and Sheena Jain of Quona Capital have been an invaluable guiding force in this journey, given Quona’s deep expertise in fintech and having seen similar insurtech businesses in other emerging markets.

The company, through its subsidiary, offers an array of crucial business products, including Cyber insurance, D&O liability insurance, Commercial General Liability insurance, among others under Onsurity Plus. These offerings are designed to provide comprehensive coverage and support SMEs in navigating the complexities of modern risks and challenges.

Transport Community Platform Vahak and InsurTech SecureNow Collab to Ease Access to Cargo Insurance for India

As per NITI Ayog, India transports approx. 4.6 Billion Tonnes of freight annually, generating transport demand of 2.2 Trillion Tonne-km.

As this demand grows, associated road freight movement will increase to 9.6 Trillion Tonne-km by 2050, and so will the need to safeguard the cargo transported.

Vahak, India’s most-trusted transport community platform, has announced a collaboration with SecureNow, a leading tech-enabled insurance platform for businesses, to offer cargo insurance to the Indian trucking community.

Vahak, co-founded by IITians Karan Shaha and Vikas Chandrawat, is on a mission to digitise the Indian logistics sector, which contributes over 14% to India’s GDP. This logistics tech company is fostering India’s largest ecosystem of transport SMEs, shippers, and lorry/fleet owners on its website and app, amid the fast-growing $250 Billion logistics sector in the country.

Karan Shaha, Co-Founder, and CEO at Vahak, said, “Our vision is to build a trusted transport community platform that addresses the needs of transporters, fleet owners, and truckers for growth. While the Indian trucking business remains fragmented and unorganised, and largely not covered under social security benefits, we want to bring peace of mind to the demand and supply sides, helping them mitigate the financial risks associated with transporting goods.”

Discussing the need of the hour, Shaha elaborates, “India transports nearly 4.6 billion tonnes of freight annually, generating transport demand of 2.2 trillion tonne-km, as per NITI Ayog. As this demand grows, associated road freight movement is likely to increase to 9.6 trillion tonne-km by 2050. And as road freight travel grows, the number of trucks is likely to more than quadruple, to roughly 17 million trucks by 2050. And, so will the urgent need to safeguard the transported cargo."

Cargo insurance can protect trucking companies and shippers against losses due to theft, accidents, natural disasters, and other unexpected events that can cause damage or loss of cargo. This can help mitigate the financial impact of these losses and provide peace of mind to both parties. Many shippers and manufacturers may require trucking companies to carry cargo insurance in order to comply with regulations or contractual obligations. Failing to have proper insurance coverage can lead to penalties and legal issues. Having cargo insurance gives fleet owners and truckers competitive advantage over those that do not, as they can offer load owners and manufacturers an added level of protection and reassurance, improving customer satisfaction and building trust in the long run.

India is home to around 60 million MSMEs, many of whom lack the knowledge necessary to purchase reliable transit insurance at the time of booking confirmation. Abhishek Bondia, Co-Founder of SecureNow, explains, “Unfortunately, while small businesses are most vulnerable to accidents, they are unable to give a large share of mind to insurance. Our collaboration with Vahak will help to bring them into the coverage net. Through this partnership, we will make transit insurance more contextual. Firms can buy their insurance at the time of booking the transport. This will ensure higher compliance rate for these businesses, better coverage and lesser administrative overheads.”

SecureNow’s tech-enabled platform offers comprehensive insurance solutions with limited exclusions and low prices. The pre-buying and post-sale process allows businesses to manage their policies with multiple insurers and raise claims through one common platform. With this collaboration, Vahak has added another key feature to safeguard transporters. Vahak had recently announced its collaboration with Coverstack making digital vehicle insurance processes efficient, fast and cost-effective.

About Vahak

Vahak is India’s most-trusted transport community, co-founded by IITians Karan Shaha and Vikas Chandrawat in 2019. The platform fosters India’s largest ecosystem of transport SMEs and lorry owners. Enabling truck and load bookings at 0% commission, Vahak matches diverse loads with the right sectoral requirements of trucks, containers, light commercial and specialised vehicles. Vahak’s vision to digitise the Indian Logistics Sector has been well-backed by investors – Nexus Venture Partners, Foundamental, iSeed Ventures, Leo Capital, RTP Global, Titan Capital and Work Universe – to become the go-to digital solution for India’s road transport logistics. Know more on www.vahak.in

About SecureNow

SecureNow is a leading tech-enabled insurance platform for businesses, offering comprehensive insurance solutions with limited exclusions and low prices. The platform leverages technology to make the pre-buying and post-sale process seamless, allowing businesses to manage their policies with multiple insurers and raise claims through one common platform.

To know more: www.securenow.in