AI in insurance podcast – Episode 12: EXL

In this episode of the AI in Insurance podcast, Danny sits down with Sarat Varanasi, Insurance Platforms, Analytics, and AI Services Leader at EXL. Sarat has been instrumental in embedding AI into EXL’s insurance platforms, co-developing their Insurance LLM with Nvidia, and advising CXOs on the impact of AI across the industry.

Together, Danny and Sarat explore how AI is reshaping insurance — from improving analytics and CAT modeling to driving real business outcomes. Tune in to hear practical insights, industry trends, and what the future of AI in insurance really looks like.

Listen below! 🎧

Video timestamps

• Introduction to Sarat Varanasi – Danny introduces Sarat, outlining his leadership at EXL, his role in embedding AI into insurance platforms, and his industry recognition. [00:00:14]

• Building EXL’s Insurance LLM with Nvidia – Sarat explains how EXL developed its Insurance LLM, why publicly available models weren’t enough, and how client data improved accuracy by 60–80%. [00:02:08]

• Different Faces of AI in Insurance – Sarat breaks down how AI is applied across insurance — from long-standing machine learning models to new use cases with NLP and generative AI. [00:04:53]

• Primary Drivers of AI Adoption – Sarat explains the key motivations for insurers: improving efficiency, enabling faster decisions, and driving revenue growth.[00:13:49]

• Who’s Driving AI in Insurance? – Sarat outlines the key C-suite roles shaping AI adoption, from CIOs and CDOs to new blended leadership models emerging across insurers.[00:15:49]

• Sarat’s Final Advice on AI- His key takeaway: don’t overengineer. Start small, use AI to unlock unstructured data, and build momentum with practical use cases. [00:19:02]

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