The ICICI private sector insurer Prudential Life is using Blockchain technology for faster claims settlement.
"We have done a lot of things on the digital front to make it simpler and easier for customers.The next big thing we want to do is Blockchain.We are working on this for the compensation of claims," said Puneet Nanda, deputy CEO of ICICI Prudential Life Insurance.
The company recently launched Chatbot LiGo, an AI-based platform, to manage customer requests. "In the last month 6,8 lakh customer applications were received and the chatbot responded with a 98% accuracy."
Nanda also hoped that the insurance industry would continue to grow.
"Compared to last year, growth has slowed down." It is partly the basic effect, as in the first part of the last budget, there was a big impact of demonetization. Environment is currently such – not just for insurers, but overall for financial services and mutual funds – that risk appetite is low, "he said.