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Continuing with tech for a bit longer, do you use AI and robotics as able-bodied for a bigger chump acquaintance and productivity?



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AI and robotics anatomy a amount allotment of our ‘technology-enabled’ approach. We accept developed assorted solutions application these cutting-edge technologies and will abide to innovate as newer technology platforms appear to the fore. For instance, in December 2018, we launched an AI-based motor break-in analysis account feature. Earlier, a concrete analysis was the alone way to appraise a agent afore renewing the insurance, if the motor allowance action had lapsed. This led to time adjournment as the architect had to appointment the area area the agent was stationed, conduct the analysis and upload the documents. Our AI-powered band-aid makes all these processes redundant. It enables the chump to anon upload the photos of the agent which are again candy by an AI agent that decides, based on the agent condition, to instantly action the action renewal. Another archetype is our deployment of chatbots aback December 2016. Based on accustomed accent processing, these chatbots not alone abode chump queries but additionally accredit barter to acquirement or renew a action anon through the chatbot after any animal intervention. We are abundantly application over 250 bots above our motor, bloom and added allowance portfolios.

How is the workforce adapting to these abstruse changes as you focus added on agenda transformation?



We run several initiatives to adjust our aptitude abject to acclimate to the latest technologies and accouter these platforms to advance avant-garde solutions. Further, the above alignment is encouraged to adjust itself and comedy an alive role in this process. We accept deployed ‘Micro Enterprises’ absolute inter-functional teams to assignment on above opportunities application an active approach. Further, we run assorted centralized campaigns such as “#DoTheDigital”, ‘#DoTheHack’ and “Idea Manch” wherein our advisers participate by suggesting bigger means of accomplishing things, abounding a time application technology. The top abstraction contributors are accustomed at our civic acceptance platforms. We accept witnessed that our advisers agilely acclimate to the automation processes aback it leaves them with added time to baby to circuitous tasks, absorb new means of alive and apprentice on the job. In addition, they actively assignment appear introducing tech-enabled solutions as value-added offerings for customers. For instance, we accept deployed several IoT-enabled accessories to accommodate accident abuse solutions in segments such as abyssal allowance based on account developed by our underwriting team.



Numbers acquaint an absorbing account about your advance story. Looking at the account exceptional accumulating abstracts for May 2019; in 16 years your exceptional accumulating grew over 20 times or 20.88% CAGR, from ₹52.7 crore to ₹1095.8 crore. Here, your bazaar allotment about angled from 4.78% to 9.35% (second accomplished bazaar share). At the aforementioned time, the four accessible area insurers saw 4.5 times or 9.79% CAGR advance in exceptional accumulating while their bazaar allotment has diminished from 78.53% to 42.14%. What factors would you accord acclaim to in agreement of advance enablers?

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Our access has consistently been to body an organisation that understands and finer addresses the needs of our customers. Having said this, we accept focussed on specific areas that we accept are analytical aback it comes to accomplishing their needs:

· Focus on chump centricity: We accept consistently endeavored to acquaint accordant chump propositions that go above calmly clearing claims. Our accident administration solutions focus on allowance barter abstain or abbreviate the appulse of accident hazards so that they can get aback to the accustomed at the earliest.

· Multi-channel administration network: We accept continuously invested in architecture a assorted administration arrangement above bancassurance, basic offices, agents (corporate agents, alone agents and POS) as able-bodied as online platforms. This has helped us ability added than 650 districts out of the 725 districts in the country.

· Agenda affiliation and advance in technology: We accept been at the beginning in agreement of harnessing the latest technology platforms and utilizing them to advance avant-garde solutions for our customers.

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· Prudent accident selection: We booty a holistic access to accident management, which includes a data-driven accident alternative framework, optimal reserving and affection reinsurance.

In activity insurance, LIC has commonly enjoyed the absolute agreement edge. While accepted allowance is absolutely different, how accept you apparent PSU insurers as competition? The oligopolistic attributes of your PSU aeon seems to accept achromatic absolutely fast. Is it because accepted allowance buyers are added decumbent to baddest insurers who accept a quicker turnaround time, both in agreement of alms awning as able-bodied as claims administration and the price-sensitive attributes of the accepted allowance business?

It would not be fair to allocution about specific competitors. However, in any service-oriented area or awful aggressive bazaar segment, it is the affection of account and avant-garde offerings that drive barter to accept a brand. Companies that focus on these aspects actualize a differentiated bazaar position for themselves. At ICICI Lombard, we accept consistently focused on actuality acutely customer-centric in our access through the absolute chump adventure cycle, adapted from action issuance, claims adjustment and renewal. This advance has enabled us to action above acquaintance to our customers. For instance, we accept one of the best affirmation adjustment ratios (less than 30 days) in the industry above segments. In the bloom allowance segment, we acclimatized 99.9% claims aural a ages in FY2019 compared to 75.3% for the industry. Similarly, in the motor allowance ‘own damage’ segment, we acclimatized 93.1% claims aural 30 canicule in FY2019, compared to 68.4% by the industry. Further, we accept continuously alien amount added casework as allotment of our accident administration solutions to ensure that we accumulate abacus differentiated and accordant offerings to our assorted portfolio.

Your artefact mix is skewed appear retail, with 45% allotment of gross absolute exceptional assets (GDPI) from motor-related allowance and 19% allotment from bloom & claimed insurance. Is that a abating factor, or you accept affairs to abuse this? Area do you see the artefact mix three years from now?

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The retail articulation aural the non-life allowance industry has developed to cogent levels over the years, apprenticed by the motor allowance articulation that contributes to over 40% of the industry premium. This is an auspicious and important trend, aback India’s adolescent and ambitious consumers charge to booty able awning as they strive to accomplish their dreams for themselves and their admired ones. At ICICI Lombard, our artefact mix has additionally acquired in band with the industry trend.

Having said this, assimilation levels for segments like bloom and home allowance abide in distinct digits, alms immense ambit for the industry to tap the uninsured. In actuality some of these segments, e.g. bloom allowance accept been showcasing able-bodied advance @20% in the aftermost 5 years, compared to 14% in case of motor insurance. We accept that these categories will abide to display cogent advance in the approaching and we will be agog to participate in this journey.

Back in 2017, at the time of your IPO, you had accent that allotment of business from government business was in 20%-plus range. As per latest data, your allotment of crop allowance is at 17% of GDPI. Is there a action to abate the allotment activity advanced accustomed the vagaries complex in the business?

Our focus has consistently been on selecting the adapted accident segments befitting in apperception the appraisement environment. Further, we focus on analytical aspects such as adapted reinsurance agreement while demography exposure. As far as the crop allowance articulation is concerned, it is breakable apprenticed and the appraisement ante in the contempo accomplished do not assume to be sustainable. We accept that acceptable appraisement is analytical to ensuring best-in-class affirmation application for our customers.

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