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ICICI Lombard Expert Blog

ICICI Lombard To Go the AI Way for Motor Insurance Renewal

December 20 2018

Just upload the pics of your car and renew the insurance policy instantly with ‘insure’ mobile app

One of the leading general insurance companies in India, ICICI Lombard launched an Artificial Intelligence-based solution to facilitate instant renewal of expired or lapsed motor insurance policies. It will allow the customers to capture images of their vehicle and upload it using the ICICI Lombard’s new ‘Insure’ mobile application.

Then, each image will be analyzed further by the cloud-hosted AI module to detect the damages in the vehicle, after which the break-in policy proposal will either be accepted by the company or recommended for verification. This industry first feature has been developed by the ICICI Lombard in collaboration with the Microsoft.

According to Sanjeev Mantri, the executive director of the company, this solution will address the issue of delay in renewal of expired motor insurance policies since the insurer has to deal with about 15,000 monthly inspections of cars with expired or lapsed insurance plans.

“Expired motor insurance policies are an area of concern, as we have 14,000-15,000 monthly inspection being handled. And the lapsed insurance leads to delay in the new health insurance policy issuance and inertia in renewals. The conventional way would take at least two days’ time for renewal”, he said further adding, “This solution will make the renewal of expired policies real-time, consistent, and convenient for our customers, significantly enhancing their policy purchase experience.”

As per the data released by the insurance regulatory body of India, ICICI Lombard has collected Rs. 8,559.14 crore between April-October last year, with a growth of 12.9% when compared to the similar period in 2017.

*Source: Financial Express

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