Touchless and contactless are the new buzzwords and each shoppers and organisations are leaning towards digital signifies of fulfilment. The insurance coverage sector continues to evolve, some of it driven by altering buyer behaviour, and some of it driven by the availability of new technological options. The prolific use of AI, ML, and cognitive services are accelerating the technologies adoption in the insurance coverage sector to address requirements such as digital adoption, buyer encounter management, operational efficiency, underwriting profitability, claims optimisation, and considerably more.
“Evolving consumer needs during the pandemic have resulted in the need for new products and services such as outpatient cover, home-based care, cyber liability, and SME business interruption,” says Girish Nayak, chief – Services, Operations & Technology, ICICI Lombard. For an business that thrived on physical interactions and physical infrastructure, the pandemic has redefined the buyer journey, accelerated digital transformation, and redefined the notion of danger.”
Customers can acquire insurance coverage across many channels such as bank tie-ups, motor dealers, agents, brokers, or straight by means of on the web and phone channels. The will need to turn into pervasive across the channels to tap shoppers has been pushing ICICI Lombard to concentrate its power on enabling every of these channels to have a seamless digital encounter for the buyer, correct from acquisition to policy issuance to servicing.
For instance, an elevated quantity of shoppers and garages are availing ‘Instaspect’ virtual motor survey option in case of accidents. This option continues to approach about 1200 surveys every day and nearly 15,000 digital photographs are uploaded every single day by means of the digital survey approach.
Similarly, in the field of wellness claims, AI/ML options assist in processing cashless claims authorisation requests that are created by the hospital. In industrial house and casualty, it is undertaking virtual danger inspections that assist in managing dangers for our shoppers remotely. The tele-seek the advice of function ‘Hello Doctor’, provides shoppers 24by7 access to a medical professional and answers all customer’s queries.
“We have been at the forefront of adopting digital and emerging technologies to deliver business value for serving all our stakeholders. Some of our early investments in the development of technology solutions have helped us immensely during this time,” says Nayak.
Another region for ICICI Lombard that is gaining prominence is voice search. Video and voice are beginning to play a important part in buyer service. In a classic business like insurance coverage exactly where physical interactions have been particularly critical, the pandemic helped improve the adoption of video and voice-based tools.
“It is not unusual to see customers downloading policy documents or checking the status of a claim on our WhatsApp service. Improvements in cognitive services and natural language processing are helping improve the quality of the BOTs servicing customers,” says Nayak. “Multi-lingual BOTs are gaining prominence and the accuracy of these BOTs in understanding the needs of the customer continues to increase. We have been able to collect significant data over the years that have helped us in building such solutions.”