Car insurance claim settlement, renewal to get easier with this automated inspection process
1 min read . Updated: 17 Feb 2021, 02:55 PM IST
Premium- AI-based process is focused on automation of policy renewal approvals, and small and mid- sized motor claim estimation, the insurer said
To reduce delays in claim settlement and and policy renewal, Liberty General Insurance has recently introduced automated vehicle inspections for car insurance policies. "This is expected to transform the car inspection process, which is currently dominated by manual inspections," the company said in a statement. For this process the insurance company has partnered with Inspektlabs, a computer vision technology platform focused on automation of inspections for any physical assets.
"This capability will further enhance customer experience with lower turnaround on claims and renewals," said Roopam Asthana, chief executive officer and whole time director, Liberty General Insurance.
How it will work:
Under artificial intelligence-based inspection process, customers need to capture photos or videos of a car for policy renewals and claim assessment. Then, the policyholders need to send these images or videos to the cloud. In the next step, an automated inspection report, covering damage and claim assessment, will be generated. "It not only saves cost but also increases customer satisfaction by reducing the time required to settle a claim or renew a policy," Liberty General Insurance said.
The new product has already been integrated with several motor insurance policies offered by Liberty General Insurance. AI-based process is focused on automation of policy renewal approvals, and small and mid- sized motor claim estimation, the insurer added.
"We have been working with partners for almost two years now to automate our car inspection process. Through this partnership we have developed an efficient and elegant product, which will help us reduce cost and time required for motor inspections significantly," Liberty General CEO said.
On partnership with Liberty General Insurance, Devesh Trivedi, chief executive officer and co-founder, Inspektlabs, said "Our patent pending technology allows insurance and automotive players reduce the cost of inspection by 98% and reduce the time required for inspections by 95%. We are currently working with multiple companies in US, Japan and India to automate up to 75% car inspections using AI technology."
Started in 2013, Liberty General Insurance Ltd. (LGI) is a joint venture between Liberty Citystate holdings PTE Ltd and Enam Securities, and Diamond Dealtrade. Over the last few years, the insurer has created an array of customised policies.
