• Banking / Finance

ICICI Lombard Showcases its Tech Capabilities at the Analyst Day 2024

• nationalherald
• April 1, 2024

by Prashant Kapadia/NHN

Highlights AI/ML led key product features that ease the customers’ insurance experience

On the occasion of ICICI Lombard’s Analyst Day, 2024, the organization showcased its digital ecosystem, comprising tech capabilities across product categories. The organization emphasized on Cloud, Data, AI/ML, IoT led 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 10x, improved customer support team’s productivity by 30%. The early adoption of technology has enabled the organization to be future ready by using data-led insights, leading to introduction of specialized 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 purchase, 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 IL Take Care App and raise the claim without any third party intervention. The story on comfort of 90 seconds cashless health authorization enabled under ‘Anywhere Cashless’ scheme was yet another highlight. Helping businesses to assess their risk through virtual inspection and overhead drone survey 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 sensor 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 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 had showcased its tech capabilities through 3D anamorphic wall and 3D projection device.

About ICICI Lombard General Insurance Company Ltd.: ICICI Lombard is the leading private general insurance company in the country. The Company offers a comprehensive and well-diversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. With a legacy of over 21 years, ICICI Lombard is committed to customer centricity with its brand philosophy of ‘Nibhaaye Vaade’. The company has issued over 32.7 million policies, settled 3.6 million claims and has a Gross Written Premium (GWP) of ₹217.72 billion for the year ended March 31, 2023.  ICICI Lombard has 305 branches and 12,865 employees, as on March 31, 2023.

ICICI Lombard has been a pioneer in the industry and is the first large scale insurance company in India to migrate its entire core systems to cloud.  With a strong focus on being digital led and agile, it has launched a plethora of tech-driven innovations, including the industry first Face Scan on its signature insurance and wellness App – IL TakeCare, with over 6.9 million user downloads. The company has won several laurels including ET Corporate Excellence Awards, Golden Peacock Awards, FICCI Insurance Awards, National CSR awards etc. for its various initiatives. For more details log on to https://www.icicilombard.com/