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ICICI Lombard launches artificial intelligence-based solution to renew motor insurance policies

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The country's third largest general insurer ICICI Lombard General Insurance has launched an artificial intelligence-based solution to enable instant renewals for expired or lapsed motor insurance policies. 

ICICI Lombard launches artificial intelligence-based solution to renew motor insurance policies

The country's third-largest general insurer ICICI Lombard General Insurance on Wednesday launched an artificial intelligence (AI) based solution to enable instant renewals for 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 mobile app -- Insure, the company said in a statement.

The solution has been developed in collaboration with Microsoft 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, the company said. Through the usage of cloud, the company will be able to process multiple break-in cases simultaneously, without impacting customer experience, it added.

“At ICICI Lombard, we always strive to provide the best in class experience to our customers by using the latest technology solutions. Based on deep neural networks and machine learning algorithms, ICICI Lombard has developed an AI-based break-in inspection solution for image-based damage detection," said Sanjeev Mantri, executive director, ICICI Lombard.

This solution will make renewals of expired policies real-time, consistent and convenient for the customers, significantly enhancing their policy purchase experience, Mantri said.

Here is how you can operate ‘Break in inspection’ feature

  • Post-filling policy details click the self-inspection button on the Insure app.
  • Capture vehicle photographs and click upload.
  • After uploading the images, the AI module analyses the photos and provides confirmation immediately.
  • In case, the AI module confirms the damages on the vehicle to be in adherence to the underwriting guidelines, the policy is processed for issuance. In case AI confirms otherwise, the vehicle is recommended to technical experts, who review the damages and decide on the proposal.

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Euro-Rupee88.7810-0.0940-0.11
Pound-Rupee102.9530-0.0800-0.08
Rupee-100 Yen0.66620.00060.09