ICICI Lombard launches industry’s first App for faster claim verification and settlement

Deepthi | Myequity news | Date : 17-09-2018 18:15:00 IST

ICICI Lombard, the leading private sector non-life insurance company in India, has launched the industry’s first application to facilitate speedier claim verification process. Currently, claim settlement cases that need to be verified takes from a day to more than a week in some cases. This time intensive process will be reduced drastically to a few hours with the app. The state of the art technology deployed in the app will also benefit the company as it will be able to identify incidents of fraud claim quickly, making the process more efficient and ensuring that genuine cases are resolved in a speedy manner. Further, the solution will integrate with the company’s health claims management system that has inbuilt alerts to trigger suspect claims for verification. Claims that may need investigation include health insurance claim in the first year of policy purchase.

The current manual process of verifying suspect claims tends to be cumbersome. It involves working with different entities including third party verification/ investigation agencies. The flow of information and interaction between these different entities leads to delay and inefficiencies in the claim verification exercise. Further, the customer may need to be met in person by the verification team for discussion. This requires the customer to wait for the verification officer to travel to the customer’s residence/ office etc adding to the delay. ICICI Lombard, a pioneer in innovating and adapting to new technology has introduced a solution that will bring all the entities on a single mobile based platform including customers, thereby ensuring quick verification of claims. This will drastically reduce the timelines required to decide on and service claims that require verification.

Girish Nayak, Chief of Service, Operations and Technology, ICICI Lombard General Insurance said, “At ICICI Lombard, it is our continuous endeavour to provide a quick and hassle-free experience to our customers. For claim settlement cases which required verification, we were keen to reduce the time and simplify the verification process using technology-based solutions. With the new mobile based app solution, we have drastically reduced the claim verification time thereby ensuring that genuine customers benefit from faster claim settlement. "

All entities involved in the claim verification including third party agencies will have the necessary read and write access to documentation and case details through the app. Further, the entire verification process will be updated on the app, ensuring quick information flow and decision making. In the case, where the customer needs to be spoken to or met, the verification team will connect with the customer through a live video streaming feature. To access the live video streaming facility and interact with the claim verification officer, the customer simply needs to click on a web link, without having to download any app for this purpose.

In the recent past, ICICI Lombard has introduced several ‘industry first’ solutions such as 'InstaSpect ' – India’s first real time claims approval for motor insurance claims using live video inspection, an AI powered engine to settle health insurance claims within a minute and ‘Women Assist’ to ensure safety and security of their women motor customers.

About ICICI Lombard General Insurance Company Ltd.:

It is the largest private-sector non-life insurer in India based on gross direct premium income in fiscal 2018, a position it has maintained since fiscal 2004 after being one of the first few private-sector companies to commence operations in the sector in fiscal 2002. It offers customers a comprehensive and well-diversified range of products, including motor, health, crop, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels.

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