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ICICI Lombard launches AI-based insurance renewal

December 19, 2018, 08:28 PM IST by Charles Pennefather
ICICI Lombard launches AI-based insurance renewal

-    Renewal of lapsed policies done in minutes
-    No human intervention required
-    System to include claims later

ICICI Lombard has launched a process that is an industry first. Customers can renew their insurance in minutes with no human intervention whatsoever. This is thanks to the use of artificial intelligence to analyse photographs of the vehicle for which the insurance is needed. This feature is available to everyone, not just ICICI Lombard customers, and it is designed to be of use to those whose vehicle insurance policies have expired.
During the event, a live demonstration was given – the app requires good 4G mobile phone connectivity first of all. It asks you to take a number of photos of the vehicle, including the odometer, and tachometer with the engine switched on, to verify the vehicle’s authenticity and working condition. All of the photos have to be taken through a camera extension of the app and cannot be uploaded from a gallery, to avoid fraud. The photos are then uploaded for analysis by the program. If found to be within the parameters, the policy is issued. If not, they are passed on for further verification by employees of ICICI Lombard.
This system is active on the app for both two wheelers and four wheelers, and the company hopes to apply it to the insurance claims process as well, to minimise the time between a claim being made and approval being issued by the company.
The single biggest advantage that this system offers is the almost-immediate issuance of a valid policy even after the old one has expired, should there be no damage to the vehicle in question.

Tags:insurance,Vehicle insurance,motor insurance,ICICI Lombard,Lombard,insurance renewal
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