17,000 new credit cards issued by ICICI linked to wrong users

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The technology is making inroads everywhere and insurance sector is no exception.  Policyholders are going to benefit most by this transition as insurers are increasingly leveraging on Artificial Intelligence or AI for speedy claim settlement and  inspection of your vehicle for renewal of break-in policies.

Recently, Liberty General Insurance automated vehicle inspections for car insurance policy renewals and claim assessments using AI based technology. The company expects to transform the car inspection process, which is currently dominated by manual inspections.

Roopam Asthana, CEO & whole time director, Liberty General Insurance said, “We have been working with partners for almost two years now to automate our car inspection process. Through this partnership we have developed an efficient and elegant product, which will help us reduce cost and time required for motor inspections significantly. This capability will further enhance customer experience with lower turnaround on claims and renewals.”

The AI-based process is completely paperless and hassle free. You just need to click the pictures of the damaged vehicle upload it on the app. The insurer runs the algorithm and assess the damage using Artificial intelligence based on historical data of claims. Based on the assessment the claim amount is suggested, which if accepted  gets directly credited to the policyholder’s account. The automation eliminates manual intervention of claims officer. You don’t need to take the vehicle to the workshop. This saves cost, time and trouble of moving a damaged vehicle.

ICICI Lombard also offers AI based cashless claims settlement for health insurance policies. Once the data in the system gets uploaded, the AI based technology evaluates the admissibility of the claim.  based on algorithms the amount to be paid gets approved. The website states that medical procedures where AI is being deployed includes Cataract, Maternity, Appendicitis, Hysterectomy, etc.

Automation of services not only saves cost but also increases customer satisfaction by reducing the time required to settle a claim or renew a policy.