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PRNewswire
Mumbai (Maharashtra) [India], September 11: ICICI Prudential Life Insurance has upgraded its Partner Stack with new capabilities in 2026, positioning it as 'ICICI Life Partner Stack 2.0'. The stack brings together AI-enabled tools, deeper partner-system integrations and digital capabilities to support the Company's advisor and distribution network across sales, onboarding and customer servicing.* AI-enabled tools help advisors with product recommendations and personalised quotations* Deeper partner integration supports digital customer servicing and improves productivity* Database integration helps pre-fill up to 70% of the application form, simplifying onboarding The upgrade is designed to make the customer journey simpler by enabling advisors and distribution partners to identify relevant solutions, generate quotations, onboard customers and service them digitally. The eQuote App, uses an AI-based product recommender to suggest suitable products based on customer segment and life stage, while also enabling advisors to generate and share personalised quotations. LIVA, an AI-enabled chatbot, offers a conversational interface that helps advisors to access product features and quotations while interacting with customers. Commenting on ICICI Life Partner Stack 2.0, Mr. Amish Banker, Chief Distribution Officer, ICICI Prudential Life Insurance, said, "Our advisors and distribution partners play an important role in helping customers understand and access life insurance solutions. ICICI Life Partner Stack 2.0 is aimed to give them digital and AI-enabled tools that make everyday operations simpler and customer friendly from identifying suitable solutions and generating quotations to onboarding and servicing. By integrating these capabilities with partner systems, we are making processes faster and more seamless so our partners can focus on understanding and serving customer needs." Partner Stack 2.0 also enables deeper integration with partner systems. Its integration with partner CRM platforms supports better synchronisation and customer journey management. Through API integration, partners can raise customer service requests from their own platforms, these requests are by ICICI Prudential Life Insurance and status updates are shared digitally. Group partners can also use API services to send member details, register claims and share servicing requirements. The revamped retail and group partner portals give partners access to client details, reports, remuneration details and other servicing capabilities. To simplify onboarding, Partner Stack is integrated with multiple national databases, including UIDAI for Aadhaar, CERSAI for CKYC, Vahan for IDV, GSTN, EPFO, CAS and Perfios. These integrations can pre-fill up to 70% of the application form, reducing the need to collect and upload KYC and income documents. The platform also provides customers with multiple premium payment options, including ASBA and WhatsApp-based payments. In addition, AI-enabled pre-issuance video verification supports underwriting by strengthening risk and fraud checks. The scale of the Company's digital ecosystem is reflected in over 200 partner-system integrations, 99% of business applications being received digitally. Furthermore, in Q1 FY2027, there were 27 million digital service interactions and 54% of savings policy were issued on the same day. The Company's focus on technology-led customer servicing is also reflected in its claims experience. ICICI Prudential Life Insurance reported an industry-leading claim settlement ratio of 99.3% in Q1-FY2027, with an average turnaround time of 1 day for non-investigated individual death claims. About the Company The Board of Directors recently approved a proposal to rename the Company as 'ICICI Life Insurance Limited', subject to relevant approvals. The Company commenced its operations in FY2001 and has consistently been amongst the top life insurance companies in India on sum assured market share and new business premium market share basis. The Company offers an array of products in the Protection and Savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long-term financial goals. The digital platform of the Company provides a paperless buying experience to customers, empowers them to conduct an assortment of self-service transactions, provides a convenient route to make digital payments and facilitates a hassle-free claims settlement process. The Company operates on the core philosophy of customer-centricity and has developed and implemented various initiatives to provide cost-effective products, superior quality services, consistent fund performance and a hassle-free claim settlement experience to our customers. At June 30, 2026, the Company had an AUM of Rs. 3.34 lakh crore and a total in-force sum assured of Rs. 48.06 lakh crore. It is also the first insurance Company in India to be listed on both the National Stock Exchange (NSE) Limited and Bombay Stock Exchange (BSE) Limited. Disclaimer Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'expected to,' etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology, our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. This release does not constitute an offer of securities. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PRNewswire. ANI will not be responsible in any way for the content of the same)
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