ICICI Lombard has named Parag Lokhande as the new Head of Data Science, AI, and Startup Initiatives, signaling a focused shift toward AI-driven innovation and strategic collaboration with startups. The appointment comes as part of the insurer’s broader effort to leverage emerging technologies to support its long-term growth and digital transformation goals.
Lokhande’s role will encompass designing and deploying machine learning and AI solutions that can unlock efficiencies, elevate customer experience, and support the next phase of business expansion. Speaking to ETCIO, he said, “The role will be responsible for building and implementing AI and machine learning solutions to drive the next phase of growth for the organisation.” He further emphasized the importance of ecosystem partnerships, noting, “A key focus will be on collaborating with new-age startups to co-create innovative, future-ready solutions.”
Bringing over two decades of experience in analytics, artificial intelligence, and digital strategy, Lokhande is well-positioned to lead this mandate. Prior to joining ICICI Lombard, he served as Vice President & Head of Data Science, AI & Analytics at HDFC Life, where he played a pivotal role in applying data-driven insights across areas such as customer experience, underwriting, and operational effectiveness.
Lokhande’s professional background includes senior roles at reputed organizations like GE Capital, Genpact, HSBC, and RBL Bank, where he built and led advanced analytics functions. He holds an engineering degree from Mumbai University and has completed executive education at IIM Ahmedabad, giving him a blend of technical and strategic business expertise.
At ICICI Lombard, Lokhande will focus on scaling AI capabilities, improving data utilization across departments, and creating a robust innovation roadmap. His appointment also highlights the company’s intent to deepen engagement with India’s growing startup ecosystem, positioning itself as a forward-looking insurer ready to adopt next-gen solutions.
This strategic move by ICICI Lombard underscores the increasing importance of AI and ecosystem partnerships in reshaping the future of the insurance sector.
