Rezo.ai and Nivinsure honoured for financial inclusion at the Mint All About AI Tech4Good Awards – Crypto News

Formal financial inclusion remains to be one of the significant challenges for India’s economy, with millions of individuals still excluded from credit and insurance access. As of March 2024, the country’s Financial Inclusion Index (FI-Index) surged to 64.2, up from 60.1 in the previous year, reflecting progress in extending banking services across the nation, according to a recent report by EY. But, a large part of the population still lacks access to banking services.

The lack of access is compounded by language barriers and low digital literacy among underserved populations. Recognising that technology must overcome these systemic gaps, Artificial Intelligence (AI) has emerged as the essential tool to deliver financial services at scale, efficiently, and affordably.

This commitment to leveraging technology for economic empowerment was the theme driving the Mint All About AI Tech4Good Awards, sponsored by Salesforce, in the Best Use of AI for Financial Inclusion category. Rezo.ai was recognised with the Gold award for its innovative Agentic AI platform, while Nivinsure secured the Silver for its platform simplifying policy understanding and increasing claim transparency.

Watch the highlights from the Awards Summit below,

Gold Winner: Rezo.ai

Rezo.ai’s solution directly addresses the systemic barriers preventing underserved communities from accessing formal credit. Before the introduction of AI, loan processing often excluded those who didn’t have digital devices, those who couldn’t complete multi-step verification processes, and those who faced language barriers due to a lack of local language support. Furthermore, high operational costs associated with manual verification made offering small-ticket loans less viable for financial institutions.

Rezo.ai’s Agentic AI platform is a comprehensive solution for financial services. It integrates multiple AI capabilities by using Optical Character Recognition (OCR) for document processing, Robotic Process Automation (RPA) for workflow automation and intelligent AI agents to deliver omnichannel support across voice, email, and WhatsApp in 13+ Indian languages. This helps extend the reach of financial services to those with low-literacy as they don’t need a branch interface. The platform also helps save operational costs and runs 24/7. Deep data analytics, processing over 1,600 data points, enables real-time eligibility checks and personalised recommendations, processing loans faster and more accurately than manual methods.

The transition to this AI platform yielded several measurable business benefits and an improved customer experience. Before AI, loan applications required manual documentation and branch visits, typically taking 7-10 days with high rejection rates. Debt collection efficiency hovered around 85-90 per cent. After AI, the Agentic AI platform boosted debt collection efficiency significantly, rising to 96-98 per cent within just six months for a non-banking financial company (NBFC) serving over 15 million customers. OCR and RPA reduced the entire loan approval timeline to a mere 48 hours. The AI agents provide personalised reminders via preferred channels, assisting customers with payments and proactively identifying payment risks. The Rezo.ai solution ensures responsible AI usage through adherence to global compliance standards, including ISO, SOC 2, and PCI DSS.

Silver Winner: Nivinsure

How often do you come across policyholders often do not understand their insurance plan coverage, which leads to disputes, while insurers struggle with fraud, inflated bills and delayed claims. Identifying this communication gap, Nivinsure introduced AISuraksha, an AI-powered platform that simplifies policy understanding, ensures transparency in claims and builds mutual trust between all parties.

The insurance sector is known for large volumes of unstructured data that is difficult to interpret quickly. Nivinsure turned to AI for its ability to analyse documents, detect anomalies and extract insights with speed and precision. Their AI models are trained to process complex policy text, explain coverage in simple language to the user and detect fraud patterns in real time. This empowers both users and insurers to make informed, data-driven decisions.

The implementation of AISuraksha’s platform has resulted in significant improvements in efficiency and fairness. Earlier, over 75 per cent of claim rejections were caused by policyholders misinterpreting complex clauses and exclusions. Insurers often spent weeks investigating frauds manually. Using AISuraksha’s Coverage Assistant and AI-driven fraud analytics, claims can now be analysed instantly and fraudulent patterns are flagged early. This has led to a 60 per cent reduction in claim disputes, resulting in faster settlements and greater transparency between payers and providers.

AISuraksha models are trained to interpret insurance language in plain English and ensure regulatory compliance (including being NHCX-ready), helping the entire ecosystem move toward faster, fairer and fraud-free claims. The company adheres to a “Privacy by Design” approach, meaning sensitive user data is never exposed without consent, and all models are trained on anonymised data and audited for bias.

Solutions like those by Rezo.ai and Nivinsure are helping drive financial inclusion across key areas, whether it is ensuring equitable access to credit or building transparency in the insurance sector. The Mint All About AI Tech4Good Awards, powered by Salesforce, recognise the companies using technology to break down systemic barriers and expand economic opportunity for millions of Indians.

Note to Readers: All About AI is a Mint editorial initiative, sponsored by Salesforce.