Blockchain Explored By ICICI Prudential Life Insurance For Claim Settlement

News | September 17, 2018 By:

India-based life insurance firm ICICI Prudential Life is planning to use blockchain technology for faster claims settlement.

ICICI Prudential Life is an insurance company promoted by the ICICI Bank Limited and Prudential Corporation Holdings Limited. The company began its operations in 2001 and has consistently been among the top players in the Indian life insurance sector. As of March 2018, the company’s assets under management (AUM) were ₹1,395.3 billion (19.3M USD).

ICICI Prudential Life recently launched an AI-based platform, called Chatbot LiGo, to deal with customer queries. Puneet Nanda, Deputy Managing Director at ICICI Prudential Life Insurance, said that the chatbot received nearly 680,000 customer queries in the past one month and replied to them with 98 percent accuracy.

“We have done several things on the digital front to make it simpler and easier for customers,” Nanda said. “The next big thing we propose to do is with blockchain. We are working on that for claim settlement.”

Earlier this year, ICICI Prudential Life joined a group of Indian life insurers to develop a solution using R3’s Corda blockchain to facilitate cross-company data sharing. The solution was designed to help the insurers reduce their reliance on data intermediaries and aggregators in obtaining customer and policy details for a wide range of critical purposes, such as know-your-customer (KYC) due diligence, financial and medical underwriting, risk assessment, fraud detection, and regulatory compliance.

ICICI Bank, India’s largest private sector bank by consolidated assets, has also been actively involved in blockchain. Earlier this year, the bank on-boarded more than 250 corporate customers, including ones from the S&P BSE 100 Index, to its custom-developed blockchain platform for domestic and international trade finance. The bank is one of the members of BankChain, a platform for banks for exploring, building and implementing blockchain solutions.