PNN
New Delhi [India], June 26: RenewBuy has announced the launch of PRISM (Predictive Risk Identification & Selection Model), a cutting-edge AI-powered recommendation engine- the first of its kind in India. PRISM is set to transform how consumers and insurance advisors will engage around insurance offerings, going beyond the 'One-size-fits-all' model to deliver highly personalized, data-driven recommendations, granularly suited to their individual needs.
The AI-powered PRISM has been launched to make insurance more seamless, accessible, and relevant for Indian consumers. It is offering hyper-personalized policy recommendations based on age, income, Pincode, gender, occupation, medical health history, family and even education. While many consumers might have insurance, their existing coverage might not suffice the actual needs. PRISM will help insurance advisors evaluate and align insurance coverage, as per every single consumer's unique requirement, and help them offer suitable policies. The engine will generate smart, context-aware recommendations across health, term, and savings categories.
Speaking on the launch of PRISM, Balachander Sekhar- CEO, RenewBuy said, "While awareness and consumer outreach in insurance have grown in recent years, India continues to face a substantial protection gap- particularly in the life and health insurance categories. In our estimation, around 700 million individuals across the country have both the intent and capacity to avail insurance, what they lack is reliable, affordable and approachable channels."
"In 2022, we launched customised health insurance policies aimed at bridging insurance gap for the Missing Middle. PRISM will mark yet another key step towards expanding access in smaller towns and semi-urban markets, to make insurance more affordable, flexible and easier to understand. Through granular customisation in PRISM, consumers will be able to refine their choices from a curated list of plans, empowering them to find policies that truly fit their needs. We aim to reach out to more than 1 million existing and new consumers by the end of FY 26 through PRISM," he further added.
PRISM will not only enhance user experience, but also equip insurance advisors with sharper consumer insights, allowing them to recommend more precise, relevant solutions and policies. They will receive a technology-driven, precision-based report, a powerful ready reckoner that will help them engage with consumers in the most targeted and effective manner.
Consumers, on the other hand, will receive personalized insurance summary, that highlights optimal top-up plans, premium amounts, and key benefits- empowering them to make informed and relevant decisions. As a result, consumers will save valuable time in identifying the right plans, while the tailored experience will build more consumer connect, greater trust, loyalty, and long-term engagement.
About RenewBuy
Founded in 2015 by Balachander Sekhar and Indraneel Chatterjee, RenewBuy is a disruptive InsurTech player providing choice and convenience to customers buying Health, Life and Motor Insurance products, delivered through a trusted network of insurance advisors. The company has more than 1.5 lakh plus insurance advisors and has insured more than 5.5 million customers across 1500+ cities. Using technology as an enabler, the company has created differentiation in consumer experience and service, as well as in the geographical expansion of the sector.
For more information, visit: https://www.renewbuy.com/
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