Kotak Mahindra General Insurance has announced automating vehicle inspections with Artificial Intelligence (AI)-based technology for vehicle insurance renewals. To this end, it has partnered with Inspektlabs to automate the vehicle inspection process.
Kotak General Insurance Launches AI-Based Vehicle Inspection For Motor Insurance Renewals
The technology would help in the renewal process as well as detect fraud, thereby also aiding in the underwriting process.
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Customers can capture photos or videos of their vehicle and upload them on the cloud-based app during policy renewals. An automated inspection report covering damages, if any, will get generated within a few seconds after uploading the photos/videos.
The automated process replaces human intervention in repetitive work, thus reducing chances of error while performing at a very high level of accuracy. It is also very cost effective as it takes less time to renew a car insurance policy.
According the insurer, the technology is intelligent enough to detect any instance of fraud from the pictures and videos uploaded, thereby aiding the underwriting process.
Suresh Sankaranarayanan, chief technology officer, Kotak General Insurance, said: “The do-it-yourself (DIY) process will help enhance customer experience while reducing the turnaround time and fraud. Over the past few years, artificial intelligence has become a mainstay for several of our businesses, and we have also spruced up technology to provide seamless solutions to our customers. We hope to serve our customers better with this new technology addition.”
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Incidentally, general insurance companies are increasingly taking to smart technology to come out with more consumer-friendly products, specifically linked to motor vehicle insurance.
Earlier this month, the Insurance Regulatory and Development Authority of India (IRDAI) allowed general insurance companies to introduce tech-enabled concepts for own damage (OD) cover in motor insurance policies. These include, among others concepts such as Pay as You Drive, and floater policy for vehicles belonging to the same individual owner for two wheelers and private cars.
Edelweiss General Insurance had also launched what it claims to be is India’s first on-demand motor insurance product. It is a fully digital, mobile telematics-based auto insurance policy that activates the accidental insurance cover as the vehicles is set in motion, while the standard fire and theft cover remains active even when the vehicle is parked.
When the vehicle is driven, the application detects motion and automatically activates the relevant insurance cover. This makes it simple and convenient for users.
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