ICICI Lombard's MyRA gets good customer response

ICICI Lombard General Insurance's chatbot MyRA, which has been used by over 60,000 customers since launch, has sold as many as 750 insurance policies without any human intervention.
The chatbot MyRA, a virtual assistance platform meant to answer human queries directly, was launched in December 2016.
"Since launch, over 60,000 customers have utilised the two wheeler specific chatbot, with 10 per cent quotations being generated through the virtual assistance tool," ICICI Lombard General Insurance said in a release.
The company has sold over 750 policies through the chatbot without any human intervention. While the SME focused chatbot has been utilised in 4,000 cases.

MyRA addresses queries on two wheeler insurance as well as fire and burglary insurance for SMEs. The SME focused chatbot was introduced in April this year.
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Canara HSBC OBC Life Insurance launches Jeevan Nivesh Plan * Private sector Canara HSBC Oriental Bank of Commerce Life Insurance has launched a savings-cum-protection scheme 'Jeevan Nivesh Plan'.
It is an endowment plan with whole life cover option designed to help build in savings over a period of time.
The product offers guaranteed savings with payment of sum assured on maturity with a life cover during the policy term and up to age 100 years, the company said in a release.

It offers an inflation protected income for 15 years with flexibility to convert guaranteed sum assured on maturity as annual payouts payable with 5 per cent compounded increase every year.
"This plan is in line with our target to penetrate in more semi urban and rural areas, since customers across these regions are seen to have a preference for traditional products with some kind of guarantees," Anuj Mathur, chief executive officer of Canara HSBC OBC Life Insurance Company said in a statement.