1 Finance and ProtectMeWell launch ai-driven personalized

1 Finance in collaboration with ProtectMeWell, has launched a hyper-personalized health insurance rule engine tailored for financial institutions, insurtech platforms, brokers, insurers, and other advisory providers.

Designed to empower advisors and institutions dealing with end consumers, this innovative platform simplifies the complexities of health insurance selection, providing data-driven, customer-centric solutions.

Health insurance remains one of the most intricate financial products for both advisors and customers. Despite deep industry expertise, navigating the maze of product features, add-ons, claim settlement ratios, and other parameters often becomes a significant challenge.

Manju Dhake, Senior Vice President, Insurance Advisory at 1 Finance, said, “Research shows India faces a 73% health insurance protection gap, leaving nearly 40 crore individuals uninsured. This rule engine simplifies the evaluation process, helping advisors guide customers through informed decisions that protect their financial well-being.

“This tool can act as an enabler for advisors or the community of Insurance Intermediaries at large in helping customers get the right advice backed by detailed evaluation of insurance products using different parameters and encompassing the fine prints,” Dhake added. 

Sumit Ramani, Co-founder and Actuary at ProtectMeWell, said, “Our hyper personalized rule engine addresses these complexities head-on by providing actionable insights based on thorough financial needs analysis and hyper-personalization. Advisors can now better serve their clients with precise recommendations tailored to individual profiles.”

1 Finance in collaboration with ProtectMeWell has built a robust framework that simplifies the selection of Health Insurance using comprehensive financial needs analysis and hyper-
personalization.

This engine enables advisors to:

1. Identify the coverage needs of the individual and
2. Suggest the 3 recommended featured list against such cover and profile.

The rule engine is being launched in a phased manner, starting with a lighter version in Phase: 1 Accessible through APIs, this solution seamlessly integrates with financial institutions’ existing platforms, enhancing their advisory capabilities and operational efficiency.

Keval Bhanushali, CEO and Co-founder of 1 Finance, said, “The insurance industry
largely operates on commissions and sales targets, leaving customers as a gullible target for mis-selling or overwhelmed by complexity in case of DIY. As per our latest findings, 49% of the life insurance policies get discontinued in 5 years.

“At 1 Finance, our philosophy of ‘one with your interest’ drives us to prioritize transparency and accessibility. That’s why we’ve introduced zero-commission, qualified advisory for everyone. Our health insurance scoring and ranking model exemplifies this commitment.

“Backed by in-depth research, it evaluates complex parameters like product features, riders, claim settlement ratios, and customer service, distilling them into a single, easy-to-understand numeric score. This empowers advisors to guide customers effectively by simplifying policy evaluation and focusing on the fine print.

“Our collaboration with ProtectMeWell takes this vision further by integrating actuarial expertise to deliver hyper-personalized, research-driven solutions tailored to individual profiles. Together, we’re bridging the insurance protection gap, offering greater clarity, confidence, and peace of mind, and ensuring financial security for all,” Bhanushali added.