In a first for general insurance companies, ICICI Lombard General Insurance on Wednesday launched an artificial intelligence (AI)-based solution to enable instant renewals of expired or lapsed motor insurance policies.
The solution, which has been developed in collaboration with Microsoft, will benefit customers in the long term, say market participants.
The tech-based feature will allow users to capture images of their car (the insurance for which has expired) and upload it using ICICI Lombard’s ‘insure’ mobile app. Each image will then be analysed 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.
Sanjeev Mantri, executive director at ICICI Lombard, said, “This solution will make renewals of expired policies real-time, consistent and convenient for our customers, significantly enhancing their policy purchase experience.”
ICICI Lombard has developed this solution 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.
According to data from Insurance Regulatory and Development Authority of India, gross direct premium underwritten by ICICI Lombard General Insurance has collected `8,559.14 crore in April-October against `7,581.41 crore in the previous financial year, a growth of 12.9%. As in October, ICICI Lombard General Insurance has a market share of 8.90%. In the past few months, Irdai has directed general insurance companies to offer long-term third-party cover for new cars and two-wheelers. It has also said that insurers should increase the sum insured under compulsory personal accident cover to `15 lakh.