ICICI Lombard launches AI based inspection feature for expired motor policies
The AI based solution, will make renewals of expired policies in real-time, consistent and enhance their policy purchase experience.
ICICI Lombard has replaced manual inception with AI-based processing enabling in immediate approval and policy issuance. The feature is the industry’s first artificial intelligence based solution to facilitate the instant renewal of expired or lapsed motor insurance policies.
The AI-powered feature will allow the user to capture images of his car and upload it using ICICI Lombard’s insure mobile application.
The images will further 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.
“Expired motor insurance policies is an area of concern, as we have 14,000-15000 monthly inspection is being handled. And the lapsed insurance leads to delay in the new policy issuance and inertia in renewals. The conventional way would take at least two days time for renewal” Amitabh Jain, Head Motor & Health Underwriting & Claims at ICICI Lombard said.
The solution has been developed under the collaboration with Microsoft.
The AI-based solution, will make renewals of expired policies in real-time, consistent and enhance their policy purchase experience.
