ICICI Lombard has appointed Parag Lokhande as the Head of Data Science, AI, and Startup Initiatives. This move signifies the company’s push towards AI-led innovation and collaboration with startups. Lokhande will be responsible for developing advanced machine learning solutions and engaging with emerging ventures to future-proof the insurer’s digital strategy.
With over two decades of experience in analytics, AI, and digital transformation across the BFSI sector, Lokhande is well-equipped to drive the next phase of growth for the organization. Prior to his current role, he was the EVP at Kotak Securities and has also worked with organizations such as Bajaj Finserv and PNB MetLife. Lokhande’s experience combines hands-on technology implementation with strategic innovation leadership, and he holds an MBA from the Indian Institute of Management, Mumbai.
The appointment of Lokhande comes at a time when the insurance industry is undergoing significant transformation, with AI and startup-led solutions redefining claims processing, risk modeling, fraud detection, and customer engagement. ICICI Lombard aims to build in-house AI capabilities and collaborate with startups to shape the next era of tech-led insurance.
Lokhande’s role will involve leveraging internal teams and engaging with the startup ecosystem to identify and integrate cutting-edge technologies. He will focus on collaborating with new-age startups to co-create innovative, future-ready solutions aligned with the organization’s long-term strategic objectives. This strategic hire is expected to drive ICICI Lombard’s digital strategy and position the company as a leader in the insurance industry.
The insurance industry’s transformation is driven by the need for efficient and effective solutions, and AI and machine learning are playing a crucial role in this process. With Lokhande’s expertise and ICICI Lombard’s commitment to innovation, the company is poised to make significant strides in the industry. The collaboration with startups will also provide opportunities for ICICI Lombard to stay ahead of the curve and adapt to changing market trends.
Overall, the appointment of Parag Lokhande as the Head of Data Science, AI, and Startup Initiatives is a significant step for ICICI Lombard, and it is expected to drive the company’s growth and innovation in the insurance industry.