NEW DELHI: Kotak General Insurance on Monday said it was automating vehicle inspections for its motor insurance policy renewals with Artificial Intelligence (AI)-based technology. The insurance company has partnered Inspektlabs to implement this for its policies.
Through this feature, policyholders can take photos or videos of their vehicle and upload them on the cloud-based application for policy renewal. The inspection report, including details of damages, if any, will be automatically generated within a few seconds after the customer uploads inspection photos or 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,” Kotak General Insurance said in its statement.
The technology will also help detect fraud based on pictures and videos uploaded, and hence aid the underwriting process, the company added.
“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,” said Suresh Sankaranarayanan, Chief Technology Officer, Kotak General Insurance Company Limited.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.