AI-based health insurance claims approval system
ICICI Lombard General Insurance is using AI for automating the health insurance claims approval system so that the customers can receive claim immediately after filing an application.
ICICI Lombard is a leading insurance company in the private sector general insurance companies in India. They have been providing general insurance to its customers in case any unexpected thing happens to them. They have been recognized as one of the insurance companies that identify a customer-centric approach and also giving them innovative solutions to them. They have taken significant steps in having initiatives that in preventive health care, disaster support and more.
The ICICI Lombard insurance company has now launched AI-based health insurance which can process claims approval accurately and faster. The artificial intelligence will help in automating health insurance claims and customers will be able to receive them instantly after filing for an application.
Their systems are also able to scan documents sent by the hospital where they match them with the medical coverage. They are now using this new technology for maternity, hemodialysis hysterectomy and cataract. They are also looking forward to expanding it to other sectors.
Before the launch of this AI-powered system, the process was so cumbersome, and many people were involved, and the process would even take more than 60 minutes. The process was, the doctors had to look at the cases forwarded to them, then the executives would enter the data and balance, then they would check the balance sum that has been insured and then goes through the room rent limits for the insured.
This process has now been brought down where it can take a minute to complete the whole process using AI. The company has combined Intelligent Character Recognition (ICR) and optical character Recognition (OCR) to enable the tech innovation to take place. ICICI Lombard had once come up with this innovative solution for its customers before the launching of this one. They also introduced a few ‘industry first’ solutions like ‘intraspect’ which is India’s first claim that was made for motor vehicles insurance where customers use live videos Inspection together with an AI-powered interface that customers use if they have a question through chatbots.
In an interview, ICICI Lombard’s executive director Sanjeev Mantri said that “The solution is designed keeping in mind medical emergencies. For policyholders, this would mean instant cashless processing of their request; thereby ensuring that they avail immediate treatment that is so important in case of medical emergencies.”
This solution will make claims processing faster, consistent and convenient for our customers, significantly enhancing their claim experience.
The ICICI Lombard executive director Sanjeev Mantri also said, “So far, AI has only been used regarding chatbots making simple service request. Understanding medical diagnosis is a much complex activity for which we have deployed AI technology. With AI over the medical admissibility decisions currently done by doctors, it will enable our doctors to focus on more complex jobs, including better fraud detection.”
The AI has now become the mega technology in the health sector where broader digitization of the economy and the society will be experienced by the users where it will impact all services. The adoption of this new technology by ICICI is to ensure that customers are being served at a central place. This will indeed benefit customers who want their insurance claims done instantly thus reducing time wastage. This will make services in the healthcare sector to be fast because people will not have to wait for 60 minutes to get feedback from the insurance company.
Image credit: www.icicilombard.com