The technology would help in the renewal process as well as to detect fraud thereby aiding the underwriting process.
Kotak Mahindra General Insurance Company announced automating vehicle inspections for vehicle insurance renewals with Artificial Intelligence-based technology. Kotak General Insurance has partnered with Inspektlabs to automate the vehicle inspection process, using AI based technology.
Under the AI-based inspection process, during policy renewals, customers can capture photos or videos of their vehicle and upload them on the cloud-based App. An automated inspection report covering damages, if any, gets generated within a few seconds of uploading the photos/videos. The automated process replaces humans in repetitive work at a very high accuracy level that saves cost and increases customer satisfaction by reducing the time required to renew a car insurance policy. The technology also helps to detect fraud based on the pictures and videos uploaded, thereby aiding the underwriting process.
Suresh Sankaranarayanan, Chief Technology Officer, Kotak General Insurance Company Limited said, “The do-it-yourself (DIY) process will help enhance customer experience and reduce turnaround time and frauds. Over the past few years artificial intelligence has become a mainstay for several of our businesses, and we at Kotak General Insurance have also spruced up technology to provide seamless solutions to our customers. We hope to serve our customers better with this new technology addition.”
