India-based Liberty General Insurance has launched automated vehicle inspections for car insurance policy renewals and claim assessments, leveraging AI-based technology.
The move is expected to transform the car inspection procedure and eliminate delays in the claims and policy issuance process.
Under this automated car inspection process, customers will be able to renew their car insurance or avail claim assessment by capturing photos or videos of their vehicle on the Liv Mobile App or the link shared with them.
The photos or videos shared by the customers will be sent to the cloud and an automated inspection report, which covers damage and claim assessment, will be generated soon.
Liberty claims that the new automated process, rolled out in partnership with Inspektlabs, will replace humans in repetitive work at a very high accuracy level.
It will also increase customer satisfaction by cutting down the time needed to settle a claim or renew a car insurance policy, the company noted.
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Liberty General Insurance CEO and Whole Time Director Roopam Asthana 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.”
Integrated with Liberty’s workflow, the Inspektlabs’ offering is focused on automation of policy renewal approvals, and small & mid-sized motor claim estimation.
The platform also provides a number of specialised features for fraud detection, such as detection of prior damages and hidden damages.
Inspektlabs CEO and Cofounder Devesh Trivedi said: “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 US, Japan and India to automate up to 75% car inspections using AI technology.”
In January this year, Sapiens International partnered with AI SaaS vehicle damage inspection and assessment platform Click-Ins to help carriers augment claims management.