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Car Insurance India App – With the help of artificial intelligence and smartphones, car insurance becomes easier and faster.
India is one of the world’s largest and fastest-growing auto insurance markets, but until now the industry relied on traditional methods of filing lapsed policy renewal or repair claims. Both services require inspectors to physically inspect vehicles and assess damage.
Car Insurance India App
In a country with more than 230 million vehicles and 1,200 accidents each day, scheduling and obtaining permits for inspections can keep vehicles and policyholders off the road for days or longer. A simpler method is needed.
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To ease the pain, ICICI Lombard has partnered with Microsoft to develop India’s first AI-powered car inspection feature on its Insurance mobile app. The app allows users to purchase or renew policies anytime, anywhere. In addition, it will soon simplify the process of submitting repair requests.
Instead of physical inspection when the customer closes the policy. Customers can simply take a photo of their vehicle and upload it to Insurance. The app then divides the images into frames and uses artificial intelligence (AI) and machine learning to identify parts of the car to detect damage. In most cases, the AI module can make judgments very quickly, reducing the time from days to minutes.
ICICI Lombard Customer Care; Girish Nayak, Chief Operating Officer and Chief Technology Officer, said: “We have been dreaming about such a thing for a long time.
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The feature was launched in December 2018 and performed as expected. “Timely updating of expired policies ensures a smooth and seamless customer experience,” says Nayak.
With the app, insurance agents are more efficient because they no longer need to be physically present to inspect vehicles and can focus less on repetitive tasks. Along with better performance comes a significant increase in customer satisfaction.
According to IDC Asia/Pacific and Microsoft, “Future Ready Businesses: According to a new study assessing Asia’s growth potential through AI, organizations in India that adopted AI saw a 22 percent increase in customer engagement and a 21 percent increase in employee productivity. A further growth of at least 2.1 times is expected in the three-year horizon.
Online policy updates are successful. the company now develops 150-200 cars a day, but as Nayak points out, using AI to innovate is just one step for the company. AI is an important addition for the company and they are very close to using AI to perform repair requests. The solution is currently in beta and is expected to be available in 2019.
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AI will soon assess photos of damage uploaded by users and provide an estimated repair cost within seconds.
When a customer’s vehicle is damaged in an accident, it must be sent to a service center so that a service engineer can assess the damage and provide a repair estimate. Insurance agents then inspect both the vehicle and the estimate and approve each part of the estimate; rejects or changes.
Contrast this with the new AI process. The customer will take a photo of the vehicle damage through the app. Once loaded, the system’s deep learning model and computer vision, all parts of the car, such as windows or bumpers, can be identified in real time and all kinds of damage, scratches, broken edges, etc. Most importantly, the App responds quickly with estimated value using historical data.
With AI, the company aims to complete simple queries instead of weeks, launching the module by the end of 2019.
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The advantages for consumers are obvious. They can submit claims when and where it’s convenient and get estimates faster than ever before.
The application is also valuable for ICICI Lombard from a business perspective. Automating the process reduces the risk of inaccurate estimates due to human error. Increased efficiency and productivity improves the bottom line.
AI is expected to reduce insurance inspectors’ time to focus on complex claims such as collisions and spend quality time with vehicle owners to reduce their stress.
The role of human insurance inspectors is also changing. AI is good at serving common queries quickly. This allows insurance inspectors to get a feel for what really matters. It allows us to attend more complex cases involving multiple internal damages, for example.
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Inspectors are being trained in new skills, Nayak said. “When AI arrives, it will free up their time to prioritize complex tasks and personal customer interactions and learn new technologies to support their careers.”
As AI transforms its auto insurance business, ICICI Lombard is keen to deploy the technology in line with its vision of increasing efficiency and improving customer experience. They are currently working on launching AI-powered applications for their health and marine insurance clients.
