Kotak Mahindra General Insurance Company has launched automation of vehicle inspection for insurance renewals with Artificial Intelligence (AI)-based technology.
The general insurer has partnered with Inspektlabs to automate the vehicle inspection process. This would help in the renewal process as well as to detect fraud thereby aiding the underwriting process, as per a company statement.
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 saving 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,” according to the statement.
Suresh Sankaranarayanan, Chief Technology Officer, Kotak General Insurance, noted that the do-it-yourself (DIY) process will help enhance customer experience and reduce turnaround time and frauds.