Being in the business for the past 19 years, IFFCO Tokio General Insurance has adopted an omnichannel distribution strategy, propelled by a strong IT backbone, to reach different customer segments as per their convenience.
But Artificial Intelligence is helping the insurer to go a step further.
"We leverage AI for image processing to analyse the extent of the damaged vehicle (personal cars), which helps us to generate a list of repairable and replaceable parts that were damaged in the accident. Within a few minutes, the assessment and the cost are given to the customer, which they can either accept or reject. If the assessment gets accepted, the payment is made within fifteen minutes directly to the customers bank account," Seema Gaur, ED & Head- IT, IFFCO Tokio General Insurance said. The company has automated claim settlement with Artificial Intelligence.
In the absence of AI, these photographs were assessed by claim officers, and it was tedious and manual jobs, as they took a few hours to assess the damage. With the AI-based app, the list of damaged parts is generated within minutes along with a cost. It is now much more convenient for claim officers, as they are now in a better position to justify the assessment to the claimant.
Artificial Intelligence has helped transform businesses. For large companies and industries, artificial intelligence is generating new avenues for growth and profitability.
Being an old and highly regulated industry that insurance is, companies have comparatively taken up technological implementations rather fast. Insurance no longer seems to be steeped in manual, paper based processes that are slow. McKinsey's estimates a potential annual value of $1.1 trillion, if artificial intelligence is fully applied to the insurance industry.
With all the benefits and cost saving ratios that this technology has given, organisations are more keen to adopt this in the times to come.
Take for example, Kotak Life Insurance, a life insurance business of Kotak Mahindra Bank that decided to automate the process of verifying whether the the customer receiving annuity from its insurance is still alive or not. The process was especially cumbersome for older people who had to visit the branch to prove that they are still alive, a not so good customer experience. But that has completely changed with the help of AI.
Explaining the process, Kirti Patil, Senior EVP- IT & CTO, Kotak Life Insurance says, "To submit the certificate of existence, a user had to visit the branch. It was a time consuming process for both customers and the company. We automated this process and made it digital by using Artificial Intelligence. Now, the user can simply submit a photograph through application and the intelligent algorithms verify whether the person is alive or not."
Kotak is also working on analytics-based marketing communications and AI based fraud analysis.
One key reason why AI will prove to be crucial is the ever increasing datafication of business interactions, private life and public life. AI can be used to effectively assess drivers and trends in the insurance industry and secure efficiency gains.
According to Deloitte, AI is helping insurers by predicting risk with greater accuracy, customizing products and using enhanced foresight to rapidly deploy new products. It allows institutions to be more agile, enabling them to deploy new products in response to emerging risk.
Artificial Intelligence is not only helping organisations to evaluate claims easily but is also helping them provide real time assistance to their customers. Walking on similar lines, Max Life Insurance is trying to reduce the distance with its customers with Artificial Intelligence.
"The moment you can reduce the distance between a company and the customer to zero, that is digital. So digital is not about technology from our point of view, digital is about the customer, digital is about reducing distance of communication and optimizing the ease of engagement. We are achieving it with the help of AI and bot capabilities with big data analytics, said Manik Nangia, Chief Digital Officer & Director Marketing, Max Life Insurance.
To service its customers in an instant, accurate and efficient manner, Max Life Insurance has leveraged Artificially Intelligent technologies. Its website offers a live chat supported by a bot that is constantly learning and providing more and more information to customers in a timely and precise manner.
While Insurance seems to be a space, companies have explored the capabilities of AI, there still remains some business which are yet to find the right use cases for them. To leap from AI mystery to mastery, practitioners need to bridge the gap in understanding the technologys inner workings and its business value proposition.
- Microsoft answers Amazons Verizon cloud partnership with new 5G-enabled Azure Edge Zones, starting with AT&T - GeekWire - April 1st, 2020
- Local Break Out (LBO) and Its Role in Bringing Cloud to the Edge - Data Center Knowledge - April 1st, 2020
- Snap Launches App Stories to Expand Its Reach - Nasdaq - April 1st, 2020
- Holy Water: A creative water-holing attack discovered by Kaspersky - ETCIO.com - April 1st, 2020
- StorageOS hits the big 2.0 as it targets more 'mature' clusters - DevClass - April 1st, 2020
- North West Logistics moves to the cloud - Tina Massey - April 1st, 2020
- Micron Gains as Cloud Strength Boosts its Earnings and Guidance - TheStreet - March 26th, 2020
- Cloud-Based Security Tool Adoption: Latest Research Findings - MSSP Alert - March 26th, 2020
- Supermicro Accelerates AI and Deep Learning with NGC-Ready Servers - insideHPC - March 26th, 2020
- COVID-19 puts corporate WFH capabilities to the test - SC Magazine - March 26th, 2020
- Discover aspects of the Hybrid Cloud Market as it value achieves $171926 million with CAGR 21.7% - WhaTech Technology and Markets News - March 26th, 2020
- Dell debuts oven-ready AI platforms to ease researchers' setup pain - Blocks and Files - March 26th, 2020
- How is Coronavirus Affecting the Daily Lives of Architects? Our Readers Answer - ArchDaily - March 26th, 2020
- Enabling AI with edge computing and HCI - Techerati - March 26th, 2020
- StackPath and Broadcom Collaborate to Boost Cloud Compute Services at the Edge - Yahoo Finance - March 25th, 2020
- 5 Innovative Applications of Edge Computing - AiThority - March 25th, 2020
- NVIDIA, Azure And AWS Offer Free Resources To Fight Against COVID-19 - Analytics India Magazine - March 25th, 2020
- Cloud Server: Market 2020 What Factors will drive the Market in Upcoming Years Dell, HP, IBM, Oracle, Cisco, Fujitsu, Hitachi, NEC - News Times - March 25th, 2020
- Centrica operations are boosted by development of cloud-based system - Information Age - March 25th, 2020
- Coronavirus: How organisations align IT costs with business value - Software Testing News - March 25th, 2020
- Sysdig Provides the First Cloud-Scale Prometheus Monitoring Offering - Business Wire - March 25th, 2020
- Insights on the ASEAN and Taiwan Cloud Infrastructure-as-a-Service Market - Forecast to 2025 - ResearchAndMarkets.com - Yahoo Finance - March 25th, 2020
- Say Goodbye to legacy: Moving over to cloud-native availability solutions - Bdaily - March 25th, 2020
- Thought Machine's Paul Taylor: 'Events like this will push banking into the cloud' - AltFi - March 25th, 2020
- Head in the Clouds: Managing Security in a Multi-Cloud World - TechSpective - March 25th, 2020
- Laser Links will link small satellites to Earth and each other - Laser Focus World - March 25th, 2020
- The trouble with cloud evaluations amid too many choices - TechTarget - March 25th, 2020
- Cloud Computing is Helping Deal with Coronavirus - Analytics Insight - March 23rd, 2020
- Owner Says Tesla Model 3 Window Shattered By Itself, Accused Of FUD - InsideEVs - March 23rd, 2020
- Insights on the ASEAN and Taiwan Cloud Infrastructure-as-a-Service Market - Forecast to 2025 - ResearchAndMarkets.com - Business Wire - March 23rd, 2020
- Link11 Offers Its Cloud-Based DDoS Protection Solution To Public Sector Organizations Free Of Cost During COVID-19 - SecurityInformed - March 23rd, 2020
- New HomeKit-compatible pan-and-tilt Eufy camera seems to be on the way - 9to5Mac - March 23rd, 2020
- AI can better predict drug response to lung cancer therapies - ETCIO.com - March 23rd, 2020
- Evolution of the Cloud Conversation - UC Today - March 23rd, 2020
- Galvanizing the new age of IT with AI and hybrid cloud - ETCIO.com - March 23rd, 2020
- London teacher with half a million hits on maths website during coronavirus outbreak shortlisted as among world's best - Evening Standard - March 23rd, 2020
- Surge in home working highlights Microsoft licensing issue: If you are not on subscription, working remotely is a premium feature - The Register - March 23rd, 2020
- Google Teams Up with Solo.io to Extend Istio - Container Journal - March 23rd, 2020
- Running These Workloads? You Should Take A Look At The IBM Z15 - Forbes - March 23rd, 2020
- Cloud Servers Market Share Analysis and Research Report by 2025 - Express Journal - March 19th, 2020
- VPN deal: 73% off and a cloud storage freebie with this limited time offer - TechRadar India - March 19th, 2020
- Ampere's server chip has 80 Arm CPU cores? Yeah, well, our ThunderX3 will have 96 with 384 threads, says Marvell - The Register - March 19th, 2020
- Pushing the cloud to the limit, with UKFast's Chris Folkerd - Techerati - March 19th, 2020
- The global malware analysis market was valued at US$ 2.55 Bn in 2018 and is expected to grow at a CAGR of 29.2% during the forecast period 2019 -... - March 19th, 2020
- Immersion Neuroscience Index Reveals the Public Craves Direction From Its Elected Leaders, Not Celebrities, During a Crisis - Business Wire - March 19th, 2020
- Memo to MSPs: Is There A Safe Way to Visit Customer Offices? - ChannelE2E - March 19th, 2020
- Global Hyper-Converged Infrastructure Markets to 2025 - IBM, Cisco, Huawei and Microsoft are the Forerunners of this $27 Billion-Projected Industry -... - March 19th, 2020
- Spectro Cloud Launches With $7.5 Million to Help Enterprises Realize the Promise of Kubernetes - GlobeNewswire - March 19th, 2020
- Pockets of Density Will Be More Common in Future Data Centers - Data Center Frontier - March 19th, 2020
- Cloud of uncertainty for restaurants, bars, and servers - WKBW-TV - March 17th, 2020
- Google: This is what caused CPU throttling at our cloud data center - ZDNet - March 17th, 2020
- Google reveals the wheels almost literally fell off one of its cloudy server racks - The Register - March 17th, 2020
- The Last Hurrah Before The Server Recession - The Next Platform - March 17th, 2020
- Google Translates real time transcription feature is out now for Android - The Verge - March 17th, 2020
- Data storage in the cloud: 5 ways to make it faster and cheaper - TechGenix - March 17th, 2020
- Spectro Cloud Launches With $7.5 Million to Help Enterprises Realize the Promise of Kubernetes - Container Journal - March 17th, 2020
- Need to build a high-performance private cloud? You need the QNAP TVS-1282T3 Thunderbolt 3 NAS - ZDNet - March 17th, 2020
- Your No. 1 Cloud Threat is 'Excessive Permissions' - CXOToday.com - March 17th, 2020
- Bipartisan Senate Judiciary Committee introduces bill that censors online content and attacks encryption - World Socialist Web Site - March 17th, 2020
- Business101: 5 Reasons why small and medium businesses should consider cloud technology - IOL - March 17th, 2020
- NetApp Acquires Talon Storage, Providing Integration with Cloud Services and File Shares - Database Trends and Applications - March 17th, 2020
- Microsoft, Google, Slack, Zoom et al struggling to deal with a spike in remote tools thanks to coronavirus - The Register - March 17th, 2020
- Differences Between The Types Of Hosting Services - Knnit - Knnit - March 17th, 2020
- Cloud Server Market 2020: Applications, Types and Growing Trends in Market, Gro - News by aeresearch - March 17th, 2020
- Cloud firms turn to long nights, employee health checks to survive work-from-home rush - Japan Today - March 17th, 2020
- Where to look for cost savings in the cloud - TechCentral.ie - March 17th, 2020
- Solar Industry Grows 23% in 2019, But Clouds Are on the Horizon - Nasdaq - March 17th, 2020
- Azure admins' cold sweat likely caused by a 'isolated' power problems that browned out West Central USA region - The Register - March 17th, 2020
- Lloyds to partner with Google Cloud - Business Insider - Business Insider Nordic - March 11th, 2020
- What Is An Advanced Cloud? - Forbes - March 11th, 2020
- Cloud Adoption Will Be On A Rise In 2020 - HostReview.com - March 11th, 2020
- Alveo U25 SmartNIC turnkey solution for the Cloud - Fudzilla - March 11th, 2020
- VMware embraces Kubernetes with vSphere 7 - Blocks and Files - March 11th, 2020
- Supermicro Unveils MegaDC Servers - The First Commercial Off The Shelf (COTS) Systems Designed Exclusively for Hyperscale Datacenters - Associated... - March 11th, 2020
- COVID-19 Global Outbreaks: Coordinating Your Remote Business Operations - China Briefing - March 11th, 2020
- How Mircom Group is using technology to turn buildings into active, networking machines - The Globe and Mail - March 11th, 2020
- Mastering the multicloud maze: how to choose the right solution for your business - UKTN - March 11th, 2020
- The not-so-Smart Home is available now to disable the Server in the Cloud, behind the Lightify - Play Crazy Game - March 11th, 2020
- Supermicro's data centre on a pole sends IoT processing to the Edge - Data Economy - March 9th, 2020
- Amazon, Microsoft cloud-computing can weather a recession and coronavirus, analysts say - The Columbian - March 9th, 2020