Technology is helping ICICI Prudential Life bring down its savings cost-to-premium ratio

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ICICI Prudential Life Insurance’s sustained investment in technology and automation along with other cost optimisation initiatives has played a central role in bringing down its cost-to-premium ratio for the savings line of business to 13.6% in Q1-FY2027. It has reduced by 50 basis point over the previous year, even as the Company continues to scale its business.

Commenting on this, Ganessan Soundiram, Chief Technology Officer, ICICI Prudential Life Insurance, said, “At ICICI Prudential Life Insurance, our investments in bolstering the Company’s digital infrastructure have not only empowered our customers but also enabled us to deliver an enhanced customer experience across their policy life cycle. We are leveraging AI, analytics and platforms such as ICICI Pru Partner Stack, IPRU Edge, etc. to strengthen customer acquisition, distributor effectiveness, servicing and operational efficiency.

When we built our technology stack, the goal was never automation for its own sake. It was about taking out...

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