ICICI Lombard launches AI-based solution for motor policies

Mumbai: Non-life insurer ICICI Lombard has launched an artificial intelligence-based solution to facilitate instant renewals of expired or lapsed motor insurance policies.

The AI-based solution has been developed by ICICI Lombard in collaboration with Microsoft.

The feature will allow the user to capture images of his/her car (the insurance for which has expired) and upload it using the company's - insure mobile app, the company said.

Customers just need to choose self-inspection option. Thereafter they will have to fill in their policy details and upload photographs of the vehicle on the app.

A cloud-based AI module will analyse the damages. After proper check-up, the break-in policy proposal will be either accepted or recommended for verification.

Sanjeev Mantri, Executive Director, ICICI Lombard, said that close to 15,000 cases of lapsed policies are reported every month .

Mantri added that this solution will make renewals of expired policies real-time, consistent and convenient for customers.