Renewing your car insurance is going to be much easier, simpler and less time consuming now. Kotak General Insurance today announced automating vehicle inspections for vehicle insurance renewals with Artificial Intelligence (AI) based technology. Kotak General Insurance has partnered with Inspektlabs to automate the vehicle inspection process, using AI based technology. Using Artificial Intelligence, automated vehicle inspections will happen at the time of insurance renewals.
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 says, “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.”
AI-based inspection processes will help to capture the extent of vehicle damages minutely and also calculate the cost of repair in quick time. Renewals and the claim settlement process always remained a challenge for the insurance companies. The AI based technology will provide the much required assistance to not only the companies but also the policyholders with the simplification of the renewal process.