Artificial intelligence and machine learning are playing a vital role in securing the services of the insurance sector as the difficulties which used to be in renewing insurance have now started to be used to ease them.
Banks in the country are now increasingly using AI.
The insurance sector is booming, some of which are driven by the changing behavior of the insurance companies and some are driven by the availability of new technical solutions. Big data and analytics are helping insurance companies to better understand customer needs. In recent years, Artificial Intelligence and Machine Learning have played an important role in digitization and digital media in communicating with customers. Even in an industry like insurance, where there was more physical work, the COVID-19 pandemic has made digital methods important in the life cycle of insurance. With the rapid adoption of digital technology, artificial intelligence and machine learning have become a major weapon for insurance companies.
Insurance renewal made easy
ICICI Lombard, a big bank of the country, is also constantly keeping technical solutions established. This not only makes it easier for the insurance customers to buy or renew the insurance but also to meet their servicing needs easily. Artificial intelligence and machine learning are playing a vital role in securing the services of the insurance sector as the difficulties which used to be in renewing insurance have now started to be used to ease them.
Advantages of Artificial Intelligence Based BOT
Today, our customers and partners can get instant replies, communicate or complete various transactions easily without any human intervention through our AI based chatbot platform – Myra. Like customers can buy TW insurance, renew their health and motor policies and also get claims related information on this platform.
Similarly, we are leveraging Natural Language Processing (NLP) and Robotic Process Automation (RPA) technology to automate the manual process of communication and policy booking for our Corporate and SME customers. More than 90% of our policies for specific SME products are issued through this automated system. Through chatbots in our NLP and Cognitive services, our retail customers can get a chatbot experience similar to WhatsApp from the website or. We are aiming to bring the same experience to other social media and networking platforms as well.
The advantage of AI in motor inspection
One of our first artificial intelligence solutions that was developed and deployed was the break-in AI solution. This solution helps the customers whose policies have expired. For this, just click and upload pictures of your car using the app. The AI solution on the cloud helps in analyzing these images to identify the damage caused to the vehicle. Automatically decides whether the policy needs to be issued or needs to be viewed by a manual inspector. Before the implementation of this solution, this process of physical survey used to take 24-72 hours to complete. Currently, this process is now completed in minutes.
Author
Girish Nayak
Chief – Services, Operations and Technology
ICICI Lombard General Insurance
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