ICICI Lombard: AI accelerates, ML customizes
Banking Frontiers|July 2020
ICICI Lombard: AI accelerates, ML customizes
The insurer also leverages technologies like RPA, NLP, bots, analytics and much more:

Girish Nayak, chief - Customer Service, Technology & Operations at ICICI Lombard, provides detailed account of how the company has been making extensive use of technology in the times of COVID.

Mehul Dani: How is ICICI Lombard leveraging technology tools to ensure continuity of business?

Girish Nayak: ICICI Lombard has always been at the forefront of adopting new technologies that help the company in acquiring, retaining or in better servicing customers. We have always been focused on digital adoption by customers, agents, dealerships, garages and hospitals. Even before the lockdown began, most of our sales partners were already enabled with digital solutions that helped in selling and servicing customers digitally. Over time, we have also adopted several artificial intelligence (AI) and machine learning (ML) driven solutions both in sales, such as chatbots and robotic process automation (RPA); and in service, image and video-based inspections, ICR/OCR (intelligent character recognition and optical character recognition) and algorithm-based claims authorizations.

In view of the prevailing COVID pandemic, our technology teams worked round the clock to enable IT infrastructure to help most employees work remotely.

What have been the benefits of these technologically advanced offerings in your business?

We are leveraging AI & ML for solving problems relating to distribution, claims, and customer service. With ever-increasing customer expectations, customer centricity has become more important than ever. Moreover, organizations today no longer have years of time to experiment and get their model right in this VUCA (volatile, uncertain, complex, and ambiguous) world. We would have to design new insurance products and distribution partnerships that can suit the lifestyle of today’s generation and fit in seamlessly. So, we continue to move in the direction of helping the customers to buy an insurance policy as seamlessly as possible and in settling claims for such policies in near real-time. Here are a few examples on how we have leveraged technology to better service our customers on the distribution.

Digital platform: All our agent partners use digital platforms for most of their day-to-day work such as quotes, policies and other transactions. They are also able to gather all the information that they need in terms of products, processes and even payments. Intermediaries and agents can also follow renewals due, claims intimated and paid and they can do complete lifecycle management of their customers through these digital platforms.

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July 2020