ICICI Lombard using AI for fraud detection

Private sector insurer ICICI Lombard is using artificial intelligence (AI) and machine learning to not only improve claims processing and settlement but also to detect frauds in segments such as motor and health insurance. Girish Nayak, Chief of Customer Service, Operations and Technology, ICICI Lombard General Insurance, said the company is looking to use AI in various aspects of operations. "We use machine learning to figure out when the surveyor is assessing motor claims to see which parts are outliers. Auto parts are priced differently across the country, but in case some garage charges very high, the algorithm can throw it up. It shows anything which is five per cent too high or too low as an outlier," Nayak said.