Icici Lombard General Insurance Co. Ltd. · NSE:ICICIGI
Icici Lombard General Insurance — Investec 4th Annual Insurance Conference 2019
15 slides from Icici Lombard General Insurance's conference presentation, Mar 7, 2019
Slide 1: Technology as an Enabler
Technology as an Enabler March 7, 2019
Slide 2: Insurance was the original data industry
Insurance was the original data industry 2
Slide 3: However, traditional insurance was straight-jacketed
However, traditional insurance was straight-jacketed Product and Underwriting Complicated features, long launch cycles, grid based pricing Marketing and Distribution Intermediary dominated, traditional mass advertising Servicing and Operations Product-centric, labor intensive, cumbersome Claims Manu
Slide 4: Then came digitization and automation
Then came digitization and automation • Online platform • Online claims • Automation for quoting and documentation and digitization buying policies and servicing of processes Process Policy Claims Automation 4
Slide 5: Resulting in increased technology adoption
Resulting in increased technology adoption Online selling of policies Digitization of claims Robotic process automation Tab based surveys of claims; video based surveys 5
Slide 6: Leading to significant operating leverage
Leading to significant operating leverage GDPI (₹ billion) Policies Issued (million) 123.57 23.5 33.07 3.5 FY2008 FY2018 FY2008 FY2018 Productivity per FTE improvement of 20%+ from FY 2008 to FY 2018 Data for ICICI Lombard for FY 2008 and FY 2018 6
Slide 7: The market continues to evolve
The market continues to evolve Need for innovation Traditional way of working Low insurance penetration across the value chain Rising disposable incomes Catching up with global Increasing smartphone markets penetration Fast growing industry Customer expectations Personalized solutions Very little pr
Slide 8: And so does the technology
And so does the technology Artificial Intelligence & Machine Learning Deploy advanced algorithms in AI and machine learning to solve problems in underwriting and claims Big data Leverage big data technologies to reduce operational costs and service customers Internet of Things Use IoT devices for su
Slide 9: Opening new areas for technology adoption
Opening new areas for technology adoption Drones and Satellite AI based motor damage Telematics for driver risk Advanced analytics for Imagery based Property assessment assessment and usage fraud detection and Agricultural risk based insurance monitoring IoT for industrial risk Bots for providing AI
Slide 10: Health insurance claim approvals using AI
Health insurance claim approvals using AI • AI & ML algorithms are Contracts Auto a disease Admitted Submits adjudicates used for health claims or needs Pre-Auth processing in Network through & gives to be hospital instant operated web portal • Digitization using ICR & approval OCR techniques • Algo
Slide 11: Identification of damaged motor vehicles using AI
Identification of damaged motor vehicles using AI Currently used for instant policy issuance for break-in cases • Computer vision / deep learning algorithms implemented to assess damages in motor body • Instant policy issuance basis photographs taken by customer / surveyor and run through the AI mod
Slide 12: Motor insurance risk management using Telematics
Motor insurance risk management using Telematics Real-time tracking Home> Dashboard Workshops Notifications Summary statistics – last 30 days Recommendations Poor Good • Excellent job avoiding hard or sudden braking Breakdown assistance Max speed • Beware - Excessive speed detected • Excellent job a
Slide 13: Marine cargo risk mitigation using IoT
Marine cargo risk mitigation using IoT IoT solution to track and monitor shipments – Door sensor for unauthorized door opening – Temperature monitoring sensor – Route monitoring for hijacks & thefts – Fuel monitoring for unauthorized fuel consumption/ theft Hijack prevention • Strong police/investig
Slide 14: Fraud detection using big data & machine learning
Fraud detection using big data & machine learning • Big data & machine learning algorithms trigger claims for investigation • Cloud based algorithms trigger investigation for suspect cases • Early identification of patterns (including nexus) in real-time 14
Slide 15: Thank you
Longevity in business is about being able to reinvent yourself or invent the future - Satya Nadella Thank you 17
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