Under the AI-based inspection process, end-customers capture photos or videos of a car for policy renewals and claim assessment. These photos or videos are sent to the cloud and an automated inspection report, covering damage and claim assessment, gets generated within a few seconds. The automated process replaces humans in repetitive work at a very high accuracy level. It not only saves cost but also increases customer satisfaction by reducing the time required to settle a claim or renew a policy.
Speaking on the development, Mr. Roopam Asthana, CEO & Whole Time Director, Liberty General Insurance said, “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. This capability will further enhance customer experience with lower turnaround on claims and renewals.”
Speaking on the partnership, Mr. Devesh Trivedi, CEO & Cofounder, Inspektlabs said, “We are grateful to Liberty General insurance and humbled by their continued faith in us. Globally insurers and automotive players spend billions of dollars on inspections. Inspektlabs’ patent pending technology allows insurance and automotive players to reduce the cost of inspection by 98% and reduce the time required for inspections by 95%. We are currently working with multiple companies in the US, Japan and India to automate up to 75% car inspections using AI technology.”
The new product is already integrated with Liberty’s workflow, and is focused on automation of policy renewal approvals, and small & mid- sized motor claim estimation. The platform also constitutes several specialized features for fraud detection including detection of prior damages and hidden damages.
Over the last few years, Liberty has constantly endeavored to be a pioneer in terms of its consumer offerings. This has helped the company create a stream of highly targeted new products and AI-based tools and technology.
Source: Equity Bulls
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