ICICI Lombard Claims Response Time Decreased Tenfold Following Adoption Of AI-ML, IoT

On the occasion of ICICI Lombard’s Analyst Day, 2024, the organisation showcased its digital ecosystem, comprising tech capabilities across product categories. The organization emphasised Cloud, Data, AI/ML, and IoT led a digital transformation that has enhanced the agility, efficiency, reliability and security, of service delivery to customers. 

This transformation has increased the speed of response time by tenfold and improved the customer support team’s productivity by 30 per cent. The early adoption of technology has enabled the organisation to be future-ready by using data-led insights, leading to the introduction of specialised products and services to meet the ever-evolving needs of the ecosystem.  

On display was humanised avatar of RIA, (IL’s Responsive Intelligent Agent) an NLP-enabled chatbot that has now been augmented using generative AI thereby helping resolve customer queries across a host of aspects including downloading policy copies, policy purchases, renewals and claim status. 

With the help of 3D cutouts, the Object Recognition Technology zone highlighted milestones, distribution reach, alliances, partnerships and salient features across different product categories. 

Analysts were treated to a visually, rich immersive experience using Virtual Reality which brought alive real-life customer stories for products. The first story focused on the ease of raising an end-to-end motor claim by clicking and uploading pictures on the IL Take Care App and raising the claim without any third-party intervention. The story on the comfort of 90 seconds of cashless health authorisation enabled under ‘Anywhere Cashless’ scheme was yet another highlight. Helping businesses to assess their risk through virtual inspection and overhead drone surveys for quote generation and policy purchase was also highlighted. IoT, telematics and data-led preventive insurance solutions for marine insurance such as sensors for temperature, GPS, fuel sensors and elocks were showcased.

In addition, 3 booths showcasing the organization’s digital capabilities were set up the flagship mobile app ILTakeCare, RIA showcasing DIY chat and voice-based servicing, and the AI-Gen AI booth showcasing AI-ML capabilities.

ICICI Lombard continues to up the game and raise the bar, as opposed to traditional standard formats of analysts meet of a presentation and Q&A. It has truly differentiated itself in the entire BFSI category by investing effort, time and resources in bringing a superlative experience of its tech capabilities. This is the second consecutive year of showcasing capabilities in a disruptive manner. Last year the company showcased its tech capabilities through 3D anamorphic walls and 3D projection devices.