Process motor claims quickly with InstaSpect: ICICI Lombard

ICICI Lombard has launched a facility called InstaSpect, the mobile self-inspection feature that eliminates the need for physical inspection of cars. Girish Nayak, Chief, Service, Operations and Technology, ICICI Lombard General Insurance, talked about the Instaspect campaign and service available across ICICI Lombard’s product portfolio. Excerpts from an interview:

DQ: Elaborate on the Instaspect campaign and service available across ICICI Lombard’s product portfolio?

Girish Nayak: We started the InstaSpect campaign in 2018 and we have processed more than 500,000 claims through this solution. InstaSpect is our virtual survey solution that helps process motor claims more quickly. With InstaSpect, a garage operator can conduct a video survey of a vehicle using our mobile app and an ICICI Lombard surveyor can instantly process the claim basis the video survey.

Similarly, customers can also report a claim via our IL Insure app and get in touch with us instantly via video streaming to do the survey on the spot and get assistance on filing claim and finding the right garage for repairing the vehicle. These have resulted in significantly enhanced customer experience and a reduction in the time taken to process a claim.

DQ: How is ICICI Lombard leveraging AI/ML to identify frauds and facilitate a faster claim settlement process?

Girish Nayak: At ICICI Lombard, we are leveraging the power of AI and ML in solving different business problems, one of them being identification and prevention of fraud. Earlier, we would flag-off claims that needed further scrutiny basis rules and triggers put in the system. This would be investigated thoroughly and marked as fraudulent or not basis the investigation.

Today, with significant data availability and technologies available to process big data, we have started using AI/ML based fraud detection models to predict and highlight probable fraudulent claims. All this happens real-time as the claim is intimated and logged within the system.

The continuous self-learning approach of these algorithms helps us to implement solutions that auto-correct very quickly; reducing the time for learning and execution. These algorithms are helping us in identifying and prevent frauds faster (e.g. at the time of claim intimation) and also increasing our efficiency in fraud identification.

DQ: Is this solution only meant for fraud detection? What are the other areas it can work?

Girish Nayak: The above solution is unique for fraud detection. However, AI and ML techniques are used across various use cases within the organization. Just to name a couple of examples, we launched in Dec’18 our AI based break-in inspection service which allows customers whose motor insurance has expired to instantly renew their policies.

All customers need to do is to take a few photos of their vehicle and our cloud-based AI-powered algorithms decide on instant policy issuance in case of no damage on the vehicle or on passing this case to a human adjuster for further verification in case damages are found. Enabling customers to do a self-survey of their vehicle has reduced the time taken to issue a policy for such cases.

Similarly, we also launched India’s first AI-based technology to facilitate instant cashless authorization approval for group health claims. Similarly, in cases such as non-surgical hospitalization where the treatment amount can vary a lot, we have developed advanced machine learning models to determine the amount to be auto-approved. Using this solution we have been able to reduce the time taken to authorize cashless approvals from 90 minutes to 90 seconds.

DQ: What are ICICI Lombard's future plans as well as those re: block chain, if any?

Girish Nayak: At ICICI Lombard, we have always been at the forefront of using these new technologies that help us in acquiring, retaining or servicing our customers better. Globally and in some sense in India too, we are increasingly seeing a variety of emerging technologies and innovative business models that have the potential to transform the insurance business.

Broadly, that includes artificial intelligence (AI) and machine learning (ML), Internet of Things (IoT), telematics / telemetry, Big Data and data analytics, comparative engines and robo advisors, distributed ledger technology (DLT), blockchain and smart contracts, as well as peer-to-peer, usage based or on-demand insurance models.

On the blockchain front, we, along with a few other companies, have developed a blockchain solution that is currently live and can be used for verification of no-claim bonus (NCB) for motor policies.

DQ: How will 2020 prove to be a transforming year for the industry with newer and bigger players entering the market?

Girish Nayak: We see newer players entering the insurance industry every year and 2020 is going to be no different. Interestingly, the insurance industry continues to see new and rapidly evolving consumer expectations and behaviors emerging. This is primarily driven by an increased internet user base driven by the smartphone penetration within the country. This has also led to a fundamental shift in the way we serve our customers.

On the other hand, we are also seeing a variety of emerging technologies and innovative business models that have the potential to transform the insurance business. Every insurance organization needs to adapt to their consumer’s needs and preferences, irrespective of whether it’s new or old. With the rapidly changing consumer expectations and behavior, it is even more imperative for every insurance organization to be able to reinvent itself to adapt to these changes.

Technology plays and will continue to play a vital role in developing solutions using new-age technologies such as AI and ML to help fulfil these expectations. We always feel that increasing competition always leads to superior customer service and is always more beneficial to the customer.

Girish Nayak, Chief of Customer Service, Operations & Technology, ICICI Lombard General Insurance