Artificial Intelligence technology firm Arya.ai, has been chosen by ICICI Lombard to implement its Deep Learning and Neural Networks platform to cut down processing time for health insurance customers needing hospitalisation, the company said Wednesday.
Arya.ai provides Artificial Intelligence solutions for the BFSI (Banking, financial services and insurance) industry.
The company said through plug and usable deep learning platform, Arya.ai automates most operational processes involved in banking and insurance, cutting down development as well as processing time leading to significantly better response time.
"For ICICI Lombard, the end-to-end solution by Arya.ai simplifies complex Claims processes with plug-and-play ease. Using Arya.ais robust Deep Learning techniques to handle large claim processes reduces time taken from many hours to a few seconds," Vinay Kumar Sankararapu, CEO and co-founder of Arya.ai, said.
ICICI Lombard is a private sector non-life insurer.
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Arya.ai was set up in 2013 by IIT Bombay graduates Vinay Kumar Sankarapu and Deekshith Marla.
ICICI Lombards Chief Service, Operations & Technology Girish Nayak, said ICICI Lombard is the first Indian non-life insurance company to pioneer the use of Artificial intelligence and Machine Learning in health claim processing.
"Understanding medical diagnosis is a significantly complex activity for which we have deployed Aryas AI technology leading to reduced cashless claim request approval time from the earlier average of 60 minutes to under a minute now," he said.
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