IT services company Coforge is working on over 30 generative AI (GenAI) use cases within its insurance vertical, with 10 already in production, Rajeev Batra, executive vice president and head of insurance told FE.
“We are implementing 10 use cases in production as paid engagements across our client base, while the remaining 20 are being socialised and discussed with the business community,” he said.
Coforge has seen significant traction in using AI for underwriting and claims processes. “The maximum demand comes from the pre-policy issuance phase, where front-office digitisation of structured and unstructured data during the submission clearance process is key,” Batra said.
On the claims side, Coforge is focusing on improving efficiency in claims processing, fraud detection, and analytics. “The whole value chain of claims processing, fraud detection, and analytics has seen significant activity,” Batra said.
Conversational AI is another area of focus for Coforge, with applications across underwriting, claims, and customer service. The adoption of such solutions is helping underwriters consolidate structured and unstructured data while enhancing broker interactions.
On the sectoral adoption, Batra said that banking, financial services, and insurance (BFSI) sector which has traditionally been slow to adopt new technologies, is now emerging as a leader in GenAI adoption.
Further, the IT company is also using AI internally to enhance productivity. According to the company, improvements in the software development life cycle (SDLC) are expected to conservatively result in a 5% productivity increase in the coming year.
“We would leverage GenAI in the SDLC lifecycle aggressively from a training and usage perspective; from starting with the requirements phase to the testing, development, and also finally in maintenance phase,” Batra said.
The insurance sector has been a cornerstone for Coforge, contributing 21-22% of its revenue. Over the past five years, the company has focused on hyper-specialisation in areas such as commercial and specialty insurance, supported by partnerships with platforms like Duck Creek, Guidewire, and Majesco.
Coforge’s global strategy has enabled it to expand its footprint in markets like Australia, APAC, and Europe, alongside its North American operations. Specialty and commercial carriers have driven growth, with global gross written premium growth for this segment estimated at 10-12% for the next couple of years.
“Coforge has emerged as a transformation partner of choice for the top commercial and specialty carriers globally,” Batra said, adding that the firm also leverages low-code and no-code platforms to bridge functionality gaps and enhance its offerings.
