Accelerating Trust and Transformation with Intelligent Claims

ICICI Lombard is India’s largest private sector General Insurance company. It serves millions of customers, with a mission to protect people and organisations, fostering safety and trust. The company operates with a focus on operational excellence and customer-centricity, to deliver cutting edge risk management solutions to its customers.

ICICI Lombard continues to evolve from a tech-led, to a cloud first to an AI-first company. The company’s AI journey began with using computer vision application built on Microsoft Technologies to do vehicle inspections for break-in motor policies. Subsequently, the company has deployed multiple AI and machine learning use cases in Health Claim processing, customer service and fraud monitoring. These use case have driven process efficiency and improved the ability of the company to respond to customer service requirements at speed.

ICICI Lombard has embedded innovation across underwriting, claims, workforce enablement, and product development. It deploys AI beyond pilots and uses it across multiple business functions. Its Health Insurance product, Elevate, was an industry first, where AI models are used to customise, a modular policy based on the customer profile and requirements. The in-house development team also uses co-pilots significantly to shorten development times. The company leadership ensures that every technological intervention aligns with business objectives and regulatory requirements. The company’s partnership with Microsoft has enhanced risk management, streamlined claims processing, and improved customer service, positioning ICICI Lombard at the forefront of technological innovation.

ICICI Lombard’s AI-driven transformation has delivered significant business outcomes. Claim processing time has been reduced by 50 percent - from 20 minutes to less than 10 minutes - resulting in faster settlements and higher customer satisfaction. AI copilots and automation have driven significantly improved the consistency of treatment assessments, and played a crucial role in minimizing fraud, waste, and abuse. The impact has not only elevated our service delivery but also resulted in substantial annual savings and reinforced our leadership position within the insurance sector.

ICICI Lombard continues to lead the insurance sector, pioneering new frontiers in intelligent automation and responsible AI, while setting the stage for a future where insurance is faster, smarter, and deeply customer-centric.

“At ICICI Lombard, our transformation journey is rooted in the belief that technology must create enduring value for our customers. By harnessing responsible AI, we have strengthened our core pillars - trust, speed of delivery and transparency. Our partnership-driven approach ensures that innovation complements human expertise, empowering our teams to focus on strategic and empathetic customer engagement. As we advance toward an AI-first future, we remain steadfast in our commitment to the first principles - ethics, governance and inclusion - ensuring that every step of our digital evolution reinforces our promise of protection and care for all our customers.”

Mr. Sanjeev Mantri 
MD & Chief Executive Officer