By
Tricitynews
Chandigarh 22nd August:- ICICI Lombard, the leading private
sector non-life insurance company in India has launched India’s first Artificial
intelligence (AI) based
technology to facilitate instant health insurance claims approval. As a result,
the traditional cashless claim request which takes an average of 60 minutes of
processing has been drastically brought down to a minute using AI.
AI has become one of the mega technology
trends being leveraged for the broader digitization of society and the economy,
thereby impacting services across the board. ICICI Lombard, a pioneer in
adopting new technology to ensure customer centricity, has used AI and machine
learning to enhance the most critical aspect of insurance–claims settlement.
The company has harnessed Algorithms using Cognitive Computing along with
Intelligent Character Recognition (ICR) & Optical Character Recognition
(OCR) in this tech enabled innovation.
So
far, AI has primarily been used in terms of chat bots handling simplistic
service requests. Understanding medical diagnosis is a much complex activity
for which ICICI Lombard has deployed the AI technology.
ICICI
Lombard’s Executive Director Sanjeev Mantri said that the solution is
designed keeping in mind medical emergencies. For policy holders, this would
mean instant cashless processing of their request; thereby ensuring that they
avail immediate treatment that is so important in case of medical
exigencies. This solution will make claims processing faster, consistent
and convenient for our customers, significantly enhancing their claim experience.
Traditional
claims settlement process was a complex and time-consuming task, requiring a
lot of technical knowhow and high human dependence. However, the two-step
approach under AI, involves automated gathering of data from the claim
documents and updating the same in the system. Once the data is uploaded in the
system, the AI based technology evaluates the admissibility of the claim. A
deep learning module is deployed, which automatically provides the amount to be
approved using defined algorithms. The varied medical procedures where AI is
being deployed includes Cataract, Maternity, Appendicitis, Hemodialysis and
Hysterectomy. The insurer is looking to expand this list over due course of
time.
This
is not the first time that ICICI Lombard has come up with an innovative
solution for its customers. In the past it has introduced several ‘industry
first’ solutions such as 'InstaSpect '–India’s first real time claims approval
for motor insurance claims using live video inspection and an AI powered
interface for customer query management through chat bots (MyRA).
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