To make sure that customers keep profiting from their life insurance policies and stay on track to meet their long-term financial objectives, ICICI Prudential Life Insurance has implemented cutting-edge machine learning models. According to the insurance behemoth, this digital solution predicts future persistency behaviour and has enabled it to improve persistency across all cohorts. It has led to more premium collections, higher productivity, and enhanced profitability when matched with the company's other efforts. TRENDING STORIES See All Premium After a lull in Feb, IPO market to hot up in March Premium What happens when you drink too much water? Premium Tetra Pak factory is now India’s first certified World- . . . Premium Srivasavi Adhesive Tapes IPO: GMP, subscription status, . . . The solution aids the company in predicting future persistency behaviour of new customers being onboarded, enabling it to initiate appropriate action. This includes interactions with senior sales managers to resolve queries thereby providing excellent customer service experience, said ICICI Prudential Life Insurance in a statement. The percentage of customers who continue to pay renewal premiums is measured by persistency. Persistency ratio is a crucial sign of both the quality of the sale and the insurer's potential future development in the life insurance sector. Customers can provide themselves and their family financial stability by paying renewal premiums. The Company's 13th month persistency ratio increased from 83% at the end of December 2021 to 85. 9% at the end of December 2022. Pretty similar improvements were seen in the 61st month persistency ratio, which went from 50. 2% in December 2021 to 64. 8% in December 2022. Mr. Dhiren Salian, Deputy Chief Financial Officer, ICICI Prudential Life Insurance, said, “Customer-centricity is the focus of everything we do. As a ‘Customer First’ Company, we have been leveraging data science and technology to ensure our customers are on course to achieve their long-term financial goals. This is in line with our vision of building an enduring institution that serves the protection and long-term saving needs of customers with sensitivity. " “With the deployment of advanced machine learning propensity models, we are witnessing an improvement in our persistency ratios across all cohorts. It has resulted in higher premium collections, enhanced productivity and long-term sustainable growth. These models help identify distinct customer segments, enabling us to offer a more engaging experience by taking into account their preferences, profiles and expectations," Dhiren Salian further added. “Besides, persistency improvement ties in with one of the key levers of our 4P strategy. Deploying data science and technology has enabled us to achieve significant success on this front. Persistency improvement has been one of the engines for driving the Company’s profitable growth. Our 13th persistency improved from 83% at December 2021 to 85. 9% at December 2022. Similarly, our 61st month persistency improved from 50. 2% at December 2021 to 64. 8% at December 2022," Dhiren Salian said. MORE FROM THIS SECTION See All Premium Premium Air India to let go of Vistara brand post merger: CEO C . . . Premium Premium What happens when you drink too much water? Premium Premium Essar launches EET to invest $3. 6 bn in energy transiti . . . Premium Premium Earned by returning used cans, bottles for cash; this m . . . The ICICI Bank Limited and Prudential Corporation Holdings Limited are the companies that promote ICICI Prudential Life. According to Retail Weighted Received Premiums (RWRP), from the company's fiscal 2001 inception, it has regularly ranked among India's top private sector life insurance providers. The firm has a total sum assured of ₹ 27. 55 trillion and an AUM of ₹ 2,518. 84 billion as of December 31, 2022. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. More Less Topics ICICI Prudential Life Insurance OPEN IN APP.