Mumbai, Feb 4 (IBNS): AI technology firm Arya.ai, a front runner in providing Artificial Intelligence solutions for the BFSI industry, 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 hospitalization.
Through plug and usable deep learning platform, Arya.ai automates most operational processes involved in banking and insurance, giving them competitive edge by dramatically 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.ai’s robust Deep Learning techniques to handle large claim processes reduces time taken from many hours to a few seconds.” says Vinay Kumar Sankararapu, CEO and co-founder of Arya.ai.
ICICI Lombard, India’s largest private sector non-life insurer, has benefitted from implementation of Arya platform for past few quarters.
ICICI Lombard’s Chief – Service, Operations & Technology Mr Girish Nayak, says, “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 Arya’s AI technology leading to reduced cashless claim request approval time from the earlier average of 60 minutes to under a minute now.”
“This response time improvement is extremely helpful in cases requiring emergency medical attention, since the cashless request can be processed without any time lapse and treatment can start immediately. Further, the cost optimization achieved using Arya’s Deep Learning health claim solution will eventually lead to affordable premiums, ultimately encouraging more Indians to embrace health insurance,” adds Mr Nayak.
With AI taking over the medical admissibility decisioning currently done by doctors, it will enable ICICI Lombard doctors to focus on more complex jobs.
Arya’s Deep Learning solution has also helped ICICI Lombard in detecting and preventing false positive cases. This is a big help for genuine customers who will benefit from the improved quality service levels.
Arya.ai helps financial institutions ground up from--strategizing and planning through to deploying, maintaining and integrating complex neural network based AI systems so as to enable existing business processes for even greater efficiency.
Arya.ai, that counts a host of marquee clients from the BFSI sector, offers seamless deployment of technology for tasks such as claim automation, autonomous underwriting, insurance fraud detection, credit underwriting and cheque processing.
Companies wanting to use the deep learning can choose to work with Arya.ai autonomous platform that comes with preconfigured ‘AI’ autonomous modules to automate or augment decision, an approach which is practically plug-and-play and far less complex. Through standalone enterprise module on the platform, businesses can train 'agents' directly by just giving training data for the specific task in the business. These modules can then learn autonomously and optimize for better performance.
Some of the platform’s most compelling features include tools simplifying deep learning for enterprises through features like GUI framework which makes it easy for beginners to build complex Neural Networks easily and ‘Simulation AI’ to automate data tasks that best fit a client needs.
So far, AI has only been used in terms of chat bots doing simplistic service request. Understanding medical diagnosis is a highly complex activity for which Arya has deployed AI technology.
“Arya expects many more new deployments in insurance with Indian insurers and banks to go live.” says Vinay, who was among Forbes Asia 2016 top 30 under 30 techpreneurs. Arya.ai itself was among three other tech companies invited by Intel to its AI Builders Program to access and experiment on new architectures. Arya continues to work with Intel in delivering such industry best performance to its customers.
The industry body NASSCOM’s centre for excellence in Data Science and Artificial Intelligence has bestowed Arya.ai with the AI Game Changer Award for creating Innovative Applications in AI along with some of the biggest names in the business.
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