India’s upcoming unified insurance marketplace, Bima Sugam, will have product rankings based on metrics that go beyond pricing, such as claim settlement ratio, claim recognition ratio, and quality of customer servicing, in addition to premiums, said Deepak Rajoo, CIO, Royal Sundaram Insurance.

This is set to change how consumers evaluate and buy insurance, he said, speaking to Moneycontrol on the sidelines of the Global Fintech Fest event here on October 7.

The idea is to help consumers make informed decisions based on the reliability and performance of insurers, not just on affordability.

The platform’s architecture will use artificial intelligence (AI) to process large datasets and generate composite rankings that reflect how efficiently insurers handle claims, respond to grievances,

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