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India’s Canara HSBC Life Insurance has forged a partnership with insurtech company Artivatic.AI to enhance its processes, according to a press release posted on CXOtoday.com.

Via collaborations with banks and various other distribution networks across Tier 1, 2 and 3 cities in India, Canara HSBC Life Insurance delivers life insurance offerings for its clients.

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The new alliance will aid Canara HSBC Life Insurance in executing the digitisation of its insurance operations, such as onboarding of policies and quotations, simplifying payment methods and carrying out pre-insurance validations, among others. 

For this approach, Canara HSBC Life Insurance will leverage the Mio Platform, a tech-integrated insurance offering of Artivatic.AI.

To deliver real-time data to iOS and Android devices, this platform utilises Flutter technology, a combined solution that can cut down the operational and maintenance expenditures of businesses. 

Leveraging these technologies can help insurance companies increase insurance penetration across the nation, the company noted.

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Canara HSBC Life Insurance spokesperson Sachin Dutta said: “We are very happy to partner with Artivatic.AI, which will aim at facilitating seamless distribution of life insurance products to our customer base. 

“We expect Artivatic.AI’s unified sales and distribution platform to help in improving the next-gen digital sales, operations and consumer-led conversions. 

A bancassurance-led insurer, Canara HSBC Life Insurance is a joint venture between Canara Bank and HSBC Insurance (Asia-Pacific).

Artivatic.AI co-founder Layak Singh said: “The current partnership of Canara HSBC Life Insurance and Artivatic.AI is aimed at solving the long-standing insurance industry requirements related to underwriting, information and data verification. 

“Artivatic’s tech integration will help in reducing the operation costs and improve the turnaround time for insurance processes of Canara HSBC Life Insurance.”