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ICICI Lombard to renew motor insurance policies using artificial intelligence

 

motor insurance policies using artificial intelligence

Users can self-inspect their cars, after which AI will decide on the issuance of the policy

If your motor insurance policy has lapsed, you need not wait for the insurer to verify your documents. ICICI Lombard General Insurance has launched an artificial intelligence-based solution to enable instant renewals for such policies.

The tech-based feature will allow the user to capture images of his/her car (the insurance for which has expired) and upload it using ICICI Lombard’s ‘insure’ mobile app.

Each image will then be analysed by the cloud-hosted AI module to detect the presence of any damage, after which the break-in policy proposal will either be accepted or recommended for verification.

The solution has been developed in collaboration with Microsoft using various offerings on the Microsoft Azure platform. Through the usage of cloud, the company will be able to process multiple break-in cases simultaneously, without impacting customer experience. 5 Insurance policy everyone should have.

Sanjeev Mantri, Executive Director, ICICI Lombard said this solution will make renewals of expired policies real-time, consistent and convenient for customers, significantly enhancing their policy purchase experience.

Once customers fill in the policy details, they can click on the self-inspection option, after which photographs of the vehicle can be captured and uploaded on the app. After the images are uploaded, the AI module analyses them and provides confirmation immediately.

In case the module confirms the damages on the vehicle to be in adherence to the underwriting guidelines, the policy is processed for issuance. If it is not, the vehicle is recommended to technical experts, who review the damages and decide on the proposal.

Earlier, the insurer had launched ‘InstaSpect’, a real-time claims approval solution for motor insurance claims using live video inspection and an AI-powered interface for customer query management through chatbots (MyRA).

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