With the deployment of AI, the customers and employees will be able to process claims and renew policies in a hassle-free and faster manner
ICICI Lombard, one of India’s leaders in the BFSI space has partnered with Microsoft to develop India’s first AI-enabled car inspection feature in its mobile app, “Insure.” With the deployment of AI, the customers and employees will be able to process claims and renew policies in a hassle-free and faster manner.
India is one of the world’s largest and fastest-growing auto insurance markets yet relies on traditional ways to renew lapsed policies or make repair claims which required inspectors to physically look over vehicles and make damage assessments. This leads to a delay in the process of inspection, resulting in keeping the cars and policy holders off the road for longer. To mitigate this challenge, ICICI Lombard and Microsoft have created the “Insure” solution, which allows customers to buy or renew policies anytime, anywhere. In case of lapsed policies, instead of a physical inspection, customers can simply take images of their vehicle and upload them with Insure. The app then uses AI and machine learning to divide the images into frames and identify the various parts of the car to look for damage. In most cases the AI module can make a judgment very quickly, reducing the time from days to just minutes.
Talking about the collaboration, Girish Nayak, COO, ICICI Lombard Service, Operations & Technology, ICICI Lombard General Insurance Company Ltd, said, ““We recognized the potential of AI in providing high quality car damage evaluation services. With data being generated at an exponential level, this technology will help us derive insights to inspect and process claims with utmost efficiency. Using Microsoft’s AI expertise is helping us bring about this transformation, allowing us to meet customer demands quicker without compromising on service excellence.”
Dr. Rohini Srivathsa, National Technology Officer, Microsoft India, said “Today, every company is a software company, and increasingly, every interaction is digital. To be successful in this new world, organizations need to be a fast adopter of best-in-class technology; and secondly, they need to build their own unique digital capabilities. Economies and businesses that have yet to embark on their AI journey run a real risk of missing out on the competitive benefits that are enjoyed by leaders. Businesses must now embrace a new culture, where innovation and continuous learning are core components of the organizational culture. It sets the stage for agility, adaptability and growth,”
The Microsoft-IDC study, titled Future Ready Business: Assessing Asia Pacific’s Growth Potential Through AI surveyed 1,560 business decision makers in mid and large-sized organizations across 15 economies, including 200 business leaders and 202 workers in India, highlights AI as a game- changer in India, stating that it will accelerate business transformation, enable innovation, boost productivity and ensure further growth. While 77% of business leaders polled agreed that AI is instrumental for their organization’s competitiveness, only one-third of organizations in India have embarked on their AI journeys. Those companies that have adopted AI expect it to increase their competitiveness by 2.3 times in 2021.
Last year, organizations that have adopted AI saw tangible improvements in those areas in the range of 8% to 22%. They forecast further improvements of at least 2.1 times in the three-year horizon, with the biggest jump expected in higher margins, and higher competitiveness.
The study evaluated six dimensions critical to ensuring the success of a nation’s AI journey. According to the findings, India needs to build upon its investment, data, and strategy in order to accelerate its AI journey. The study also underlines the need for cultural changes and skilling and reskilling workforces to make AI work for the country. “To succeed in the AI race, India needs to substantially improve its readiness. Leaders should make AI a core part of their strategy and develop a learning agility culture. Investment in this transformative technology has to be continuous for the long-term success. There is an urgent need for talents and tools to develop, deploy and monitor AI models, along with the availability of a robust data estate with the adequate governance,” according to Ranganath Sadasiva, Director, Enterprise, IDC India.