ICICI Lombard, today launched industry’s first Artificial Intelligence (AI) based solution to facilitate instant renewals of expired or lapsed motor insurance 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 analyzed by the cloud-hosted AI module to detect the presence of any damage, post which the break-in policy proposal will be either accepted or recommended for verification.
In collaboration with Microsoft, ICICI Lombard has developed this AI-based solution using various offerings on the Microsoft Azure platform such as GPU-enabled Data Science Virtual Machines, Azure Container Services as well as open source technologies such as Docker and Tensor Flow. By containerizing this solution in the cloud, the company will be able to process multiple break-in cases simultaneously, without impacting the customer experience.
Speaking at the launch, Sanjeev Mantri, Executive Director, ICICI Lombard said “ICICI Lombard has developed an AI-based break-in inspection solution for image-based damage detection. This solution will make renewals of expired policies real-time, consistent and convenient for our customers, significantly enhancing their policy purchase experience.The app, which was launched today, will not help check fraud. But, we have already put thorough check and balance in place to do the jobof checking fraud,''.
“Microsoft’s goal is to amplify human ingenuity by making AI accessible and valuable to every individual and organization. We are happy to collaborate with ICICI Lombard to bring the power of Artificial Intelligence and its transformative impact to redefining the customer experience for their customers, starting with the claims approval process,” said Meetul Patel, COO, Microsoft India.
ICICI Lombard has done motor insurance business to the tune of Rs 13000 crore last year. In the thevfirst six months of the current fiscal alone. The insurer has settled 5 lakh claims under OD(own damage).Earlier this year, the company launched India’s first Artificial intelligence (AI) based technology to facilitate instant health insurance claims approval within a minute compared to an hour in the past.