This startup's AI systems are simplifying processes in the financial services sector

January 24, 2019
This startup's AI systems are simplifying processes in the financial services sector
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Artificial intelligence firm has been helping ICICI Lombard process health insurance claims in under a minute with its deep learning and neural networks platform for customers needing hospitalisation.

Through this platform, VEGA, is also automating a host of operational processes for the broader banking, financial services and insurance (BFSI) industry.

“For clients like ICICI Lombard, the end-to-end solution by simplifies complex claims processes with plug-and-play ease,”’s co-founder and chief executive Vinay Kumar Sankarapu told TechCircle.

Girish Nayak, chief of customer service, operations and technology at ICICI Lombard, said that it took an hour an average to approve cashless claims before the company adopted Arya’s AI technology. He said that this can be considered a leap, given the complexity of understanding medical diagnosis during the claim process.

“This improvement in response time 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,” Nayak added.

He also said that the cost optimisation achieved using Arya’s offerings will eventually lead to affordable premiums and ultimately encourage more Indians to embrace health insurance.

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