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Covid makes insurers accelerate use of AI, automation – Latest News

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If you were taking an insurance policy from Star Health and Allied Insurance, the company earlier required you to undergo a medical check-up. But that’s now been discontinued. The insurer has built a risk appetite model. When you want to buy a policy, you have to declare existing health conditions. If these conditions are recognised by the model, a health policy is automatically approved. In case you declare diseases that the model does not recognise, a tele-medical consultation follows.

“In the last three to four months, many of our customers were onboarded with the help of this AI-ML solution. Over 20% of our policies are underwritten by machine,” says managing director Anand Roy.

Insurance companies have been toying with AI-ML solutions for the past couple of years. But the surge in new customers, greater demands of claim settlement, renewal and grievance redressal following Covid-19 have provided insurers an opportunity to test and validate many of these solutions on a larger base.

Girish Nayak, chief of tech at ICICI Lombard, says AI-ML is enabling cashless health claims pre-authorisation process to be completed in minutes

Star Health and ICICI Lombard have deployed AI-ML solutions to make the cashless claims pre-authorisation process for health policy holders instant. The entire process that used to take hours earlier is being done in minutes now. “All the data, including the doctor diagnosis, the prescribed treatment procedure, is taken by the AI system and is matched with the policy terms to deduce if the claim is admissible. And if it is admissible, what is the amount to be authorised. All this is done in minutes,” says Girish Nayak, chief of service, operations and technology at ICICI Lombard.

In motor insurance, if a policy is not renewed before the due date, a surveyor has to inspect the vehicle to see it has not been damaged after the lapse of the policy. Depending on the availability of the customer and the surveyor, the process takes between 24 and 72 hours. Now, Nayak says, customers can take photographs of the vehicle and upload it on ICICI Lombard’s app, and if there is no damage, the insurance can be issued immediately.

Edelweiss General Insurance says its remote survey app, BOLT, for motor insurance claims has seen a rise in adoption in the last four to five months. “We are now seeing around 60% of remote claims being handled virtually through the BOLT app. This self-survey has also brought in convenience of spot settlement,” the insurer’s spokesperson says.

Naveen Bachwani, COO of Aegon Life Insurance, says personalised videos of policy documents are being created on the fly using AI-ML

Aegon Life Insurance recently added a Video Policy Doc feature on its app, offering customers a personalised video that carries important information about the policy they just purchased. This not only addressed customer concerns of not receiving physical policy documents during the lockdown but also saved them the effort of going through a lengthy PDF to review critical information. “We use AI/ML solutions to create videos on-the-fly, by embedding customer-specific policy Information and generating the video link automatically, instead of producing each video separately,” says COO Naveen Bachwani.

Rakesh Jain, CEO of Reliance General Insurance, says they have processed 90% of claims digitally, without paper

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