Liberty General Insurance has automated vehicle inspections for car insurance policy renewals
Liberty General Insurance Rolls Out AI-based Automated Car Inspections
Chennai, February 16, 2021: Liberty General Insurance has automated vehicle inspections for car insurance policy renewals and claim assessments using AI based technology. This is expected to transform the car inspection process, which is currently dominated by manual inspections – a people intensive job leading to delays in the claims and policy issuance process.
Under the AI-based inspection process, end-customers capture photos or videos of a car for policy renewals and claim assessment. These photos or videos are sent to the cloud and an automated inspection report, covering damage and claim assessment, gets generated within a few seconds. The automated process replaces humans in repetitive work at very high accuracy level. It not only saves cost but also increases customer satisfaction by reducing the time required to settle a claim or renew a policy.
Speaking on the development, Mr. Roopam Asthana, CEO & Whole Time Director, Liberty General Insurance said, “We have been working with partners for almost two years now to automate our car inspection process. Through this partnership we have developed an efficient and elegant product, which will help us reduce cost and time required for motor inspections significantly. This capability will further enhance customer experience with lower turnaround on claims and renewals.”
Speaking on the partnership, Mr. Devesh Trivedi, CEO & Cofounder, Inspektlabs said, “We are grateful to Liberty General insurance and humbled by their continued faith in us. Globally insurers and automotive players spend billions of dollars on inspections. Inspektlabs’ patent pending technology allows insurance and automotive players reduce the cost of inspection by 98% and reduce the time required for inspections by 95%. We are currently working with multiple companies in US, Japan and India to automate up to 75% car inspections using AI technology.”
The new product is already integrated with Liberty’s workflow, and is focused on automation of policy renewal approvals, and small & mid- sized motor claim estimation. The platform also constitutes several specialized features for fraud detection including detection of prior damages and hidden damages. Over the last few years, Liberty has constantly endeavored to be a pioneer in terms of its consumer offerings. This has helped the company create a stream of highly targeted new products and AI-based tools and technology.
About Inspektlabs:
Inspektlabs, powered by Cvision.ai Analytics Pvt. Ltd., is a computer vision technology platform focused on aut omation of inspections for any physical asset. The company’s current focus is on automating car inspections for automotive and insurance players
About Liberty General Insurance:
Liberty General Insurance Ltd. (LGI) is a joint venture between Liberty Citystate holdings PTE Ltd—a group company of Liberty Mutual Insurance Group, a diversified global insurer with over 900 offices across the world, headquartered in the U.S. —Enam Securities, and Diamond Dealtrade. LGI commenced operations in 2013 with the aim of providing comprehensive retail, commercial and industrial insurance solutions. The company has an employee strength of 1100+ with presence across 100+ locations in 29 states and UT. Its partner network consists of about 5100+ hospitals and more than 4300 auto service centres. The company offers health and personal accident insurance, car and two-wheeler insurance, employee compensation insurance, commercial insurance, fire and engineering insurance, marine insurance, and other miscellaneous insurance products in India.
