AI To Soon Transform Auto Insurance Business With Mobile APP ‘Insure’

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Source: ICICI Lombard

To make the auto insurance process more efficient, Indian insurance company ICICI Lombard has recently joined hands with Microsoft to offer country’s first artificial intelligence (AI)-enabled car insurance claiming feature. This is as per a report in the Economic Times.

With using a mobile app called Insure, developed by Microsoft, customers can buy policies and soon will be able to claim the repair process as well.

Source: ICICI Lombard

As per Microsoft release, in a country like India with more than 230 million vehicles and 1200 auto accidents every day, scheduling inspections and getting approvals can keep cars and policyholders off the road for days or longer.

Both the companies are trying to simplify this process by enabling customers to upload images of their vehicle and its damage using the mobile app. The app then uses AI and machine learning to divide the images into frames and identify the various parts of the car to look for damage. In most cases the AI module can make a judgement very quickly, reducing the time from days to mere minutes.

“We had been envisioning something like this for a long period of time,” says Girish Nayak, Chief Customer Service, Operations & Technology, for ICICI Lombard. “We were not really successful working with some start-ups. Therefore, we approached Microsoft to see if we could do this together.”

The two companies started collaborating where software engineers from both companies met and worked on a prototype.

“The prototype gave us confidence that something like this is possible,” said Nayak.

Renewing policies online has proven to be successful — the company is currently processing between 150 to 200 cars per day — but as Nayak pointed out, using AI for renewals is just a “stepping stone” for the company.

Source: Compute Corporate Technology Solutions

First launched in December 2018, the AI-based app uses Azure platform, computer vision and machine learning (ML) technologies to bring the accurancy in the process.

The solution is currently in beta stage and is expected to be launched in 2019.

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