View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
July 31, 2020

Universal Sompo bets on AI to ramp up motor insurance

By Verdict Staff

Universal Sompo General Insurance has launched Artificial Intelligence (AI) powered virtual agents for its motor claims services in India.

Free Report
img

Gain valuable insight on the Motor Insurance industry outlook for Asia Pacific

Asia-Pacific was the fastest-growing region globally during the review period (2016-2020), recording growth at a CAGR of 2.7%. China was the market leader, accounting for 52.9% of the region’s motor insurance premiums in 2020. To help you make the most of this significant growth, GlobalData’s has put together a comprehensive overview of the Asia Pacific motor insurance industry, including market sizing and forecasts. Read ‘Motor Insurance Industry Outlook in Asia Pacific’ for:
  • Analysis of leading insurers in the region
  • Details on regulatory requirements, including licensing rules, capital requirements, taxation regimes, and ownership quotas
  • Analysis of the impact of COVID-19 on the industry
  • Insight into key trends, technology developments, and potential disruptors in the motor insurance industry
  • Recent M&A activity in the motor insurance industry
Improve your business strategy with our extensive report. Download it for free, now.
by GlobalData
Enter your details here to receive your free Report.

Utilising conversational AI, the company’s AI-powered virtual agents will carry out routine conversations traditionally handled by live agents.

Typically, the First Notice of Loss (FNOL), which is the initial step in claims processing, is usually a call centre-based service requiring extensive questions and data gathering.

Customers who have had a motor accident and are wanting to register a quick claim are usually under stress and look for convenient ways to report the claim without having to wait in call queues, noted the company.

The new initiative is expected to improve the customer experience by offloading routine calls from customer service representatives to AI-powered virtual agents.

Additionally, it is expected to cut down the entire turnaround time (TAT) in the claim registration process and reduce the wait time for filing a claim, checks on claims status, and review of policy information.

Universal Sompo General Insurance Company CEO and managing director Sharad Mathur said: “Claims notification is a critical customer touchpoint in insurance. In Post-Covid era our biggest challenge is how we should Never Miss a Customer Call. AI automation will help streamline experience for both our customers and backend operations and we are placing big bets on it.”

Universal Sompo recently deployed initiatives such as Mobile Application (M-POS) for POS channel, Payment Integration with digital wallets, System for Crop Insurance and Customer self-service portal.

Free Report
img

Gain valuable insight on the Motor Insurance industry outlook for Asia Pacific

Asia-Pacific was the fastest-growing region globally during the review period (2016-2020), recording growth at a CAGR of 2.7%. China was the market leader, accounting for 52.9% of the region’s motor insurance premiums in 2020. To help you make the most of this significant growth, GlobalData’s has put together a comprehensive overview of the Asia Pacific motor insurance industry, including market sizing and forecasts. Read ‘Motor Insurance Industry Outlook in Asia Pacific’ for:
  • Analysis of leading insurers in the region
  • Details on regulatory requirements, including licensing rules, capital requirements, taxation regimes, and ownership quotas
  • Analysis of the impact of COVID-19 on the industry
  • Insight into key trends, technology developments, and potential disruptors in the motor insurance industry
  • Recent M&A activity in the motor insurance industry
Improve your business strategy with our extensive report. Download it for free, now.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Life Insurance International