RenewBuy Launches PRISM: India’s First AI-Powered Personalised Insurance Tool
RenewBuy has introduced PRISM (Predictive Risk Identification & Selection Model), an AI-driven recommendation engine that delivers hyper-personalised insurance policy suggestions. This new tool aims to shift insurance advice away from generic plans by considering individual data points such as age, income, location, and medical history. PRISM is expected to serve over 1 million users by the end of FY 26, especially expanding access in smaller towns and semi-urban areas.
What PRISM Brings to the Table
PRISM uses AI to generate insurance recommendations tailored to each consumer’s unique profile. It factors in:
- Age and gender
- Income and occupation
- Pincode-based location data
- Medical and family health history
- Education level
This depth of data enables advisors to assess coverage gaps and suggest plans that accurately meet individual needs across health, term, and savings insurance categories.
Improving Advisor and Consumer Experience
For insurance advisors, PRISM provides a detailed, technology-driven report that sharpens consumer insights. This allows for more precise policy recommendations and a more efficient engagement process. The tool acts as a ready reckoner, helping advisors focus on relevant options rather than generic offers.
Consumers benefit from a clear, personalised insurance summary that highlights optimal top-up plans, premium details, and key benefits. This approach cuts down the time spent comparing policies and boosts confidence in their insurance decisions.
CEO’s Perspective on PRISM’s Impact
Balachander Sekhar, CEO of RenewBuy, highlighted the ongoing protection gap in India’s life and health insurance markets. He pointed out that nearly 700 million people have both the intent and capacity to buy insurance but lack affordable and accessible channels.
PRISM is positioned as a critical step to bridge this gap. By offering granular customization, it empowers consumers to filter through curated plans and select those best suited to their needs. RenewBuy targets reaching over 1 million users with PRISM by FY 26, focusing on making insurance affordable, flexible, and easier to understand.
Why This Matters for Insurance Professionals
PRISM equips advisors with AI-powered insights that enhance their advisory capabilities and client trust. It simplifies the process of matching consumers with the right policies, reducing guesswork and improving outcomes. For professionals in the insurance field, adopting tools like PRISM can mean more effective client interactions and higher satisfaction rates.
Consumers gain a clearer view of their insurance needs and available options, which fosters long-term loyalty and engagement. This shift towards data-driven personalization is crucial for meeting the evolving expectations of today’s insurance buyers.
Insurance professionals interested in expanding their AI skill set and staying ahead in the market may find valuable resources at Complete AI Training, which offers courses tailored to AI applications in various industries.
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