AI To Transform Auto Insurance In India

AI To Transform Auto Insurance In India

AI To Transform Auto Insurance In India. The AI module would make the judgement of the damages on the car very quickly, reducing the processing time from days to mere minutes.

Insurance in India is penetrating at 3.7% of the Gross Domestic Product (GDP) as against the world average of 6.3%. Where life insurance is growing at 11 – 12%, general insurance is growing at 18% per annum in India. As the market for automobiles increases, the insurance market for automotive is also increasing. Though there is a massive market for auto insurance, the challenges in India for auto insurance renewals are still challenging, enforcing a greater need for improvements in the process. 

The challenges like renewals, retention and claim settle in auto insurance exist for a long time now. However, the emergence of technologies like artificial intelligence and machine learning are being applied to solve and simplify these processes. As a matter of fact, some of the insurance giants like ICICI and Reliance in collaboration with Microsoft have started introducing AI-based apps for auto insurance activities like the new policy, renewals as well as vehicle inspection. The apps make buying and renewing policies easy for the customers, anywhere. And soon the app will also be able to simplify the process for users to make a repair claim.

In the case of lapsed policy instead of a physical inspection, customers can now simply take images of their vehicle and upload them with Insure. The app then uses AI and ML to divide the images into frames, which would allow it to evaluate the various parts of the vehicle to identify the damages.

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