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ICICI Lombard's AI Strategy Automates Customer Services

ICICI Lombard General Insurance, a subsidiary of ICICI Bank, has been an early adopter of cloud. It has rearchitectured its productivity suites, production and processes across various product categories.

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"In 2022, we strategically decided to migrate our production to the cloud. Today, all our customer-focused applications have seamlessly transitioned from on-premises data centers to the cloud," said Girish Nayak, chief of technology and health UW and claims, ICICI Lombard General Insurance. "Moving 170 applications, 1,000 servers, and four petabytes of production data to the cloud in the first year has doubled the policy issuance volume and led to a 2.5-fold increase in data storage for the general insurance company."

To improve customer service, ICICI Lombard launched their responsive and intelligent assistant RIA - an NLP-enabled chatbot with generative AI capabilities - which helps customers in policy purchase, renewal and claim intimation. Customers can also file vehicle insurance claims using the IL TakeCare app, without third-party intervention.

The company has also begun the second phase of its business transformation under project Orion. With this initiative, the general insurance giant aims to modernize the legacy core backend systems to complement its front-end cloud-native systems.

In this video interview with Information Security Media Group, Nayak also discussed:

• How ICICI Lombard uses cloud computing and data lakes to improve customer experience;
• Using AI/ML for enhancing process efficiency and building data-backed solutions;
• Handling AI-based denials for claim and renewal .

Nayak has been part of the ICICI Group for the last three decades and has held key leadership positions, including project finance, e-commerce, technology, international banking, corporate banking and capital markets.