- Product is designed for vehicles whose insurance has lapsed
- Is applicable to both two wheelers and four wheelers
- Approval is given in minutes with no human intervention
ICICI Lombard has launched an industry-first process that offers customers the ability to renew insurance in minutes with no human intervention whatsoever. In short, they’ve begun using artificial intelligence to analyse photographs of the vehicle in question and issue the policy. This is especially helpful, as it applies to everyone, not just ICICI Lombard customers, and it is designed to be of use to those owners whose insurance policies have expired.
During the event, a live demonstration was given – the app requires good 4G mobile phone connectivity first of all. It asks you to take a number of photos of the vehicle, including the odometer, and tachometer with the engine switched on, to verify the vehicle’s authenticity and working condition. All of the photos have to be taken through a camera extension of the app and cannot be uploaded from a gallery, to avoid fraud. The photos are then uploaded for analysis by the program. If found to be within the parameters, the policy is issued. If not, they are passed on for further verification by employees of ICICI Lombard.
This system is active on the app for both two wheelers and four wheelers, and the company hopes to apply it to the insurance claims process as well, to minimise the time between a claim being made and approval being issued by the company.
The single biggest advantage that this system offers is the almost-immediate issuance of a valid policy even after the old one has expired, should there be no damage to the vehicle in question.
