ICICI Lombard General Insurance, on Wednesday, launched an Artificial Intelligence-based solution to facilitate instant renewal of expired or lapsed motor insurance policies.
The user will be able to capture images of the car and upload it using ICICI Lombard’s ‘insure’ mobile app.
It will then be analysed by a cloud-based AI module for damages, after which the break-in policy proposal will be either accepted or recommended for verification.
The AI-based solution has been developed by ICICI Lombard in collaboration with Microsoft.
According to Sanjeev Mantri, Executive Director, ICICI Lombard, the insurer sees close to 15,000 cases of lapsed policies every month.