ICICI Lombard Utilises Artificial Intelligence to Detect Frauds in Insurance
Updated On Oct 26, 2020
An Indian General Insurance Company, ICICI Lombard is using AI (artificial intelligence) and machine learning technologies to identify frauds in motor and health insurance sector.
Not only to completely get rid of the frauds, but ICICI Lombard is also using the technology to simplify the claim settlement process. As per the chief of customer service, operations and technology of ICICI Lombard General Insurance, Girish Nayak informed that the company wants to make the best use of AI and machine learning technologies in different operations.
Nayak stated, “We use machine learning to figure out when the surveyor is assessing motor claims to see which parts are outliers. Auto parts are priced differently across the country, but in case some garage charges very high, the algorithm can throw it up. It shows anything which is five per cent too high or too low as an outlier.”
Similarly, ICICI Lombard General Insurance Company is also making the most of the AI technology by using it to check if the hospital is sending claims for a specific illness at a specific amount of money. It is using artificial intelligence for motor and health insurance claims through services video inspect.
According to Nayak, in cases like these when you know that something is wrong, you would want to send someone for surveillance, AI could increase efficiency and help identify frauds effectively.
ICICI Lombard will soon start using AI to approve claim requests for medical insurance and motor insurance.
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