Indian insurance firm ICICI Prudential Life explores blockchain technology for claim settlement

Indian private sector insurer ICICI Prudential Life is seeking to leverage blockchain technology for faster claims settlement, The Hindu Business Line reported.

ICICI Prudential Life began its operations in the fiscal year 2001 and its Assets Under Management (AUM) stood at `1,395.3 billion as of 31st March 2018. It is the first insurance company in India to be listed on NSE and BSE.

Recently, the firm rolled out an artificial intelligence (AI)-based Chatbot LiGo to handle customer queries. It received nearly 6.8 lakh 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. The next big thing we propose to do is with Blockchain. We are working on that for claim settlement,” Puneet Nanda, Deputy Managing Director, ICICI Prudential Life Insurance, was quoted saying.

ICICI Bank, the parent organization of ICICI Prudential Life, has been actively involved in blockchain technology. Earlier this year, it on-boarded over 250 corporates on its blockchain platform for domestic and international trade finance, marking the most by any Indian bank.