ICICI Lombard Pioneers Use of AI to Automate Health Insurance Claim Approvals

ICICI Lombard, the leading private sector non-life insurance company in India has launched India’s first Artificial intelligence (AI) based technology to facilitate instant health insurance claims approval. As a result, the traditional cashless claim request which takes an average of 60 minutes of processing has been drastically brought down to a minute using AI.

AI has become one of the mega technology trends being leveraged for the broader digitization of society and the economy, thereby impacting services across the board. ICICI Lombard, a pioneer in adopting new technology to ensure customer centricity, has used AI and machine learning to enhance the most critical aspect of insurance – claims settlement. The company has harnessed Algorithms using Cognitive Computing along with Intelligent Character Recognition (ICR) & Optical Character Recognition (OCR) in this tech enabled innovation.

So far, AI has primarily been used in terms of chat bots handling simplistic service requests. Understanding medical diagnosis is a much complex activity for which ICICI Lombard has deployed the AI technology.

“The solution is designed keeping in mind medical emergencies. For policy holders, this would mean instant cashless processing of their request; thereby ensuring that they avail immediate treatment that is so important in case of medical exigencies. This solution will make claims processing faster, consistent and convenient for our customers, significantly enhancing their claim experience.” says ICICI Lombard’s Executive Director Sanjeev Mantri.

Traditional claims settlement process was a complex and time-consuming task, requiring a lot of technical knowhow and high human dependence. However, the two-step approach under AI, involves automated gathering of data from the claim documents and updating the same in the system. Once the data is uploaded in the system, the AI based technology evaluates the admissibility of the claim. A deep learning module is deployed, which automatically provides the amount to be approved using defined algorithms. The varied medical procedures where AI is being deployed includes Cataract, Maternity, Appendicitis, Hemodialysis and Hysterectomy. The insurer is looking to expand this list over due course of time.

This is not the first time that ICICI Lombard has come up with an innovative solution for its customers. In the past it has introduced several ‘industry first’ solutions such as 'InstaSpect ' – India’s first real time claims approval for motor insurance claims using live video inspection and an AI powered interface for customer query management through chat bots (MyRA).

Star India Ups its Contribution to Rs 5 Cr Donation for the Kerala Flood Relief Efforts

Star India has announced it will increase its donation to Rs 5 crore for the CM’s Distress Relief Fund for the relief and rehabilitation efforts in Kerala. Star India had previously announced a Rs 2 crore donation however seeing the scale of the disaster, Star India and its employees stepped up to increase the donation along with its parent company 21st Century Fox. 

Star India along with employee contributions of employees of Star India network and matching contributions of Star and parent company 21st Century Fox, have donated a cumulative sum of Rs 5 crores to the Kerala Chief Minister’s Disaster Relief Fund.

K Madhavan, MD – South, Star India, presented the cheque to Shri Pinarayi Vijayan, Hon’ble Chief Minster of Kerala, today. 

In addition, Star’s #AllForKerala campaign supported by over 60 stars and celebrities in 8 languages across 50 channels and Hotstar is inspiring millions to join the relief efforts. 

Uday Shankar, President 21st Century Fox - Asia, and Chairman and CEO – Star India, said, “Our hearts go out to those affected by this tremendous natural disaster. But we are also heartened by the stories of communities helping each other through this difficult time. We believe we must do everything in our power to help along with leveraging the power of our platform to inform and inspire citizens to join the relief and rehabilitation process. I sincerely hope many other companies will be able to provide assistance to families and communities in need of help.”

K Madhavan, MD – South, Star India,  said, "Kerala is in a terrible state, and we have a huge responsibility, as a media house, to support the situation. We are exploring all the possibilities of how to give them the right support. We think the next phase would involve moving beyond the initial mobilisation and awareness to the longer term focus on rehabilitation and repair, which we shall remain committed to help make happen."

On its 50th Year, Ajmera Group Forays into Affordable Housing in Bengaluru; Partners with Anarock

Ajmera Group, one of the pioneering leaders in Indian real estate sector is all set to announce its partnership with Anarock Consultancy for their Rs.450Cr. worth project Ajmera Lugaano in Yelhanka, Bengaluru. This will be Ajmera Group’s first affordable housing project in city which is a part of their expansion plan in their 50th year of existence. Anarock Property Consultants will be providing full time assistance and will be responsible for sales, strategizing the marketing plan, and channel partner sales for the same.  

Available unit variants for this project include 1BHK, 2BHK configurations with prices starting from Rs.28.5 Lakhs approx. Ajmera Group has aligned with ANAROCK Property Consultants for the sale of 300 units in Phase 1. The project features amenities such as ample car parking space for all units, high-tech and environmentally friendly amenities and conveniences, and a unique ‘close-to-nature’ ambience. Apart from its well-defined comforts and entertainment possibilities, the building is also earthquake resistant equipped with the latest safety features. AjmeraL ugaano provides the latest in world-class facilities to provide residents with a relaxed, secure and carefree lifestyle

Dhaval Ajmera, Director, Ajmera Group says “Ajmera Group is very excited about the launch of our first housing project in North Bengaluru. This city is a key market for us, and our partnership with ANAROCK Property Consultants will ensure the deepest-possible market penetration. Ajmera has always prided itself in its consistent philosophy of delivering perfect homes to our customers. Ajmera Lugaano is yet another masterpiece which seamlessly combines luxury and affordability.”

Anuj Puri, Chairman – ANAROCK Property Consultants says, “Our business model is based on partnering with the best - and with a leading name like Ajmera, we have obviously forged the perfect partnership. This project is perfectly located and will significantly exceed customers’ expectations+, going several extra miles in delivering luxury at affordable price points. Ajmera Lugaano will be a landmark development in Yelahanka – and will set a new trend in Bengaluru’s vibrant real estate market.”

Ajmera Group has been present in Bangalore for more than a decade now and has delivered approximately 2.6 million sq.ft in Bangalore with more than 7 completed projects, and several ongoing projects. The leading developer has projects at the most prime and upcoming locations of the city such as Kormangala, Electronic city, Bannerghatta and Bhanswadi.

Lenskart Launches Blu Lenses in India to Block Harmful Rays from Electronic Gadgets

Continuing with its efforts to revolutionize eyewear with meaningful technological innovations, Lenskart.com launches Lenskart Blu in India. Lenskart BLU are lenses which block the harmful blue light that is emitted from our smartphones, computers, tablets and other digital devices.

Lenskart Blu’s campaign, starring Katrina Kaif, is a quirky take on how we are addicted to our gadgets and spend countless hours on it. These screens cause fatigue and other eye problem due to the blue light emitted from them. Lenskart’s brand ambassador Katrina Kaif is seen immersed in her gadgets all day while being the victim to the harmful blue light. Ordinary lenses can’t stop this light, anti-glare lenses can’t stop this light, only Lenskart Blu lenses stops them and protects our eyes. Towards the end, she is seen upgrading to Lenskart Blu lenses, so that she can continue enjoying her gadgets without worrying about harming her eyes.

Excited about the latest innovation, Peyush Bansal, Founder and CEO, Lenskart.com said “Lenskart was founded with a vision to make a difference in the optical industry in India and through our consistent efforts we have been able to bring in new solutions for our consumers. We are extremely thrilled to launch the Blu lenses that helps protect eyes from the harmful radiations of violet-blue spectrum. We are sure that with our latest innovation we will make a difference to the eye-health of our consumers.”  

On the launch, brand ambassador, Katrina Kaif stated: “I am delighted to be a part of such a major innovation. It’s important to save our eyes from the violet-blue spectrum that emits from electronic screens. We are surrounded by electronic screens 24*7, there was not much I could do about it. I deeply admire that Lenskart has found a solution to protect our eyes from the harmful radiations and would personally recommend all my fans and followers to opt for Blu Lenses.”

Juniper Networks Partners with WorldLink to Power the Nepal's Networking Transformation

Juniper Networks, an industry leader in automated, scalable and secure networks, today announced that WorldLink, Nepal’s largest internet service provider, has successfully leveraged Juniper’s globally-proven, high-performance networking solutions to tackle the networking constraints and complexities of an exponentially growing consumer market.

As a country in the throes of tremendous development, Nepal has witnessed explosive levels of growth in connectivity. Government reports[1] show that internet penetration has grown from 10 percent in 2011 to nearly 50 percent today including Mobility and only around 12 percent in fixed Broadband. Emerging as a major broadband player in enabling this transformation, WorldLink has witnessed its customer base double each year since 2014 with this level of growth seen not only in the urban capital of Kathmandu, but across more than 70 smaller cities and towns nationwide in fixed broadband.

Faced with this expanding customer base, ever-increasing internet traffic and the resulting spike in demand for services, WorldLink selected Juniper Networks as a partner that could future-proof its backbone network.

At the top of WorldLink’s priorities is transitioning toward a high performance 100GbE infrastructure alongside future-proofing flexibility and scalability to support continued growth. WorldLink identified the single-platform MX series as a major differentiating factor, allowing for the capabilities required to support sustained growth while also providing cost-efficient, streamlined network management for the foreseeable future.

Joining the list of the world’s leading internet service providers rolling out 100GbE deployments, WorldLink has greatly simplified the complexities of networking for the rapidly developing country, enabling thousands in Nepal to join the evolution of the internet age.

* The MX series by Juniper Networks has been selected by WorldLink for deployment as part of its transition towards a high-speed 100GbE backbone network.
* WorldLink has deployed the MX960 at the 100GbE Network Core, and also for Internet gateway and broadband router purposes.
* In addition, the MX480, MX240 and MX104 have also been deployed as MPLS aggregation and provider edge routers.
* Services provisioning and network management has also been simplified and streamlined, with the deployment of Junos Space Connectivity Services Director.

“Our partnership with Juniper Networks plays a key role in the steady increase of fixed broadband penetration across a developing country like Nepal. Juniper’s high-performing technologies along with its detailed after-sales service management has enabled WorldLink to continuously deliver a stable and secure network, while ensuring that the growth of internet connectivity is made accessible at an affordable rate,” remarks Samit Jana, CTO, Worldlink.

“Ever since we entered the Nepal market in 2012, we have observed the tremendous growth WorldLink has achieved across the ISP and IT services space. We are delighted to play a part in WorldLink’s success, driving networking transformation across the country as they strive to provide world-class networking connectivity to the citizens of Nepal, and we are excited to strengthen our close partnership with them in support of their continued networking infrastructure expansion,” says Dinesh Verma, Managing Director, India and SAARC, Juniper Networks.

CarZ Opens its First FOFO Center in Bengaluru; To Open 20 More in Karnataka in Next 12 Months

CarZ, one of India’s most reputed multi-brand car repair and maintenance services company, announced the opening of its brands’ first Franchisee Owned Franchise Operated fully automated center in Bengaluru, Karnataka, under its strategic franchise partnership with Ultra Auto Crate, a very prominent name in the automobile sector in Bengaluru.  Chiranjeevi Sarja, Actor & Producer, Sandalwood Industry inaugurated the center.

The facility, situated in Jayanti Nagar, Horamavu Village, Bengaluru, is spread across 9500 sq.ft, with 12 service bays with a capacity to service over 500 cars of various brands per month.

As part of the partnership, CarZ will provide the service expertise and train the workforce on quality service, on-time delivery, procurement of quality & innovative service products, customer care supports, etc. CarZ currently has a network of 25 centers across the states of AP, Telangana. Karnataka, Tamil Nadu Kerala and Gujarat.  

"I am extremely excited and proud to be associated with CarZ, one of India's most reputed multi-brand car repair & servicing company and look forward to a strong and enduring partnership with the company”,“The modern features and technology at our center will give our customers a closer look at the process, and enable them to really understand what services they need and why they need them.” said Chiranjeevi Ashwatappa, Franchise Owner.

“Our trained technicians coupled with CarZ's innovative car service products and differentiated offerings will provide great value to each and every car owner. Our goal is to build trust with our customers and help them maintain their car year-round with our tailor-made service packages for any vehicle; budget or requirement”, said Chandrashekara D, Franchise Owner.

While inaugurating the center, Shri Chiranjeevi Sarja, Actor & Producer - Sandalwood Industry said, “I am personally very enthusiastic about automobiles and would rely on only the best car service and maintenance company, which can offer convenient, affordable, prompt and high quality service.  CarZ to my mind brings all this and more with a young and vibrant team, guided by their passionate founders who have extensive experience having worked for world-class automobile players.” 

“We are extremely excited to open this state-of-the-art center in the Silicon Valley of India, Bengaluru and committed to growing the brand, serving communities across the country and putting our customers first," said Venu Donepudi, Founder & MD, CarZ.  “This state of the art facility will provide everything a car owner needs for an enriching car ownership experience under one roof.” 

The Center is equipped with state-of-the-art equipment and will provide a range of services including routine and preventive maintenance, electrical & mechanical repair, Suspension System, AC diagnostics and service, tyres and services, battery, variety of styling and performance accessories, interior and exterior detailing, automated car wash and more. The centre also has an accident repair facility with latest Collision Repair System and Paint Booth. The centre will also offer value added services like 24x7 Roadside Assistance, Pre-owned Car Inspection, Insurance, Extended Warranty & Settling Bills Through Easy EMI payments provided by Bajaj Finserv.

As the preferred partner for many leading insurance companies, the center will also support cashless service for accident repair vehicles, giving our customers total peace of mind.

Capital Float Acquires Personal Finance Management Company Walnut

Capital Float (Capfloat Financial Services Private Limited), the largest digital lender in India, has acquired Pune-based Walnut (Thumbworks Technologies Pvt Ltd), makers of the country’s leading personal financial management (PFM) app, in a deal amounting to $30 million. The acquisition follows shortly after Capital Float announced its foray into the Consumer Finance vertical, emphasising a strong strategic focus on leveraging this lucrative borrower segment.

Walnut is a personal finance management mobile app that helps users to automatically track spends, bank and card balances, bill payments, and split expenses within a group, in just a few clicks. With a simple and user-friendly mobile experience, Walnut enables individuals to effortlessly manage their finances. Walnut has over 7 million downloads on the Play Store, an average rating of 4.4/5 and is featured in Google Editor’s Choice list of Top 5 Financial applications.

In July 2017, Walnut launched “Walnut Prime”, an instant credit line that users can access on the app anywhere, anytime. This small ticket app-based credit line is centred on Walnut’s “Prime Credit Score”. While a traditional bureau score is derived basis existing loan and credit card repayment behaviour, the Prime Credit Score takes into consideration an alternate data range that includes one’s income, purchase behaviour, earning capacity and security savings. The data range also incorporates newer forms of consumption such as e-commerce, wallet, shopping, food, bills etc. giving an in-depth insight into the consumer’s behaviour, thereby enabling risk evaluation at granular levels. This unique proposition offers consumers with no credit exposure and no behaviour data, an easy access to credit, besides supporting the financial inclusion through digitalization. Walnut recently crossed INR 100 crores in loans to users on its mobile app.

“We’re excited to collaborate with Walnut, an accomplished member of the Fintech ecosystem. Our sensibilities and objectives aligned with theirs, which largely paved the way for our decision to join hands with the company. We were extremely impressed with the team and the product Patan and Amit have built. Their approach towards leveraging technology to solve financial concerns of the common individual was particularly impressive, and we eagerly look forward to working closely with them. Walnut Prime is a product of deep interest to us, and it will essentially become a new addition to our stable of exceptional, customized credit products,” said Sashank Rishyasringa and Gaurav Hinduja, co-founders of Capital Float.

“Since we launched Walnut, we have been focused on simplifying personal finance for our users. We’re excited to partner with Capital Float as we aim to exponentially grow and bring Walnut and its intuitive features to millions of more Indians. We believe having Capital Float on our side opens up an immense set of opportunities by leveraging their strength in online lending and financial products with our innovative approach to consumer experiences.”, said Patanjali Somayaji and Amit Bhor, co-founders of Walnut.