ICICI Pru Life eyes Blockchain tech for claims settlement


Private sector insurer ICICI Prudential Life is looking at using Blockchain technology for faster claims settlement.

“We have done several things on the digital front to make it simpler and easier for customers. The next big thing we propose to do is with Blockchain. We are working on that for claim settlement,” said Puneet Nanda, Deputy Managing Director, ICICI Prudential Life Insurance.

The company recently launched Chatbot LiGo, an AI-based platform, to deal with customer queries. “In the last one month, 6.8 lakh customer queries were received and the chatbot replied to them with 98 per cent accuracy.”

Nanda also hoped that the insurance industry would continue to grow.

“Compared to last year, the growth has slowed. It is partly the base effect as in the early part of last fiscal, there was a lot of impact of demonetisation. But the environment is currently such — not only for insurers but overall for financial services and mutual funds — that the risk appetite is low,” he said.

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