India-based ICICI Lombard General Insurance Company is leveraging artificial intelligence (AI) and machine learning technologies to detect fraud in motor and health insurance businesses.
Apart from combating fraud, ICICI Lombard – a JV between India-based ICICI Bank and Canada’s Fairfax Financial, is using AI technology to improve its claims and settlement process.
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ICICI Lombard General Insurance chief of customer service, operations and technology Girish Nayak told The Hindu Business Line that the firm is looking to use AI in various aspects of operations.
“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,” Nayak told the publication.
Likewise, the insurer is also using AI technology to check whether a hospital is sending claims for a particular illness at a particular price.
“In such cases, you know there is something wrong and you send someone to check it. This can increase efficiency and help detect frauds better,” Nayak added.
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By GlobalDataThe insurer has been using AI and machine learning for health and motor claims through services video inspect.
Now, the company is going to start usage of AI to approve corporate medical insurance claims along with motor claims.
