Liberty General Insurance Rolls Out AI-based Automated Car Inspections

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 a 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.

See Zee Business Live TV Streaming Below:

TRENDING NOW

How to get iPhone 15 under Rs 40,000 in limited-period exchange deal?

Dividend stocks: From Coal India to Vedanta, here are 5 large-cap stocks with high dividend yields

Bike-taxi startup Rapido enters cab biz with intra-city mobility solution

180% return in 3 months: Do you own this multibagger stock?

FedEx invests $100 million to foster job growth, innovation in Hyderabad

Cyclone hits air services in Vizag, 23 flights cancelled

DMRC to start audio-based ads on trains as a pilot project

SIP Calculator: Need money for daughter's education? This SIP investment formula can help you generate Rs 1 crore

SBI, Power Grid, NTPC, Indraprastha Medical, Force Motors: Stocks to watch on Wednesday

Dinesh Phadnis, 'Fredericks' of 'CID', passes away at 57

Ambuja Cements completes acquisition of Sanghi Industries at revised offer price of Rs 121.90/share

Public Provident Fund (PPF): How Rs 1000 will become Rs 5.16 lakh in PPF investment

Meta to discontinue cross-app communication chats on Instagram

After a two-day pause, Tata Technologies trades in green again

Mizoram Election Result: Zoramthanga resigns as MNF president after party's poll debacle

Speaking on the development, Roopam Asthana, CEO & Whole Time Director, Liberty General Insurance said that they 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.

Inspektlabs said that they 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 to reduce the cost of inspection by 98% and reduce the time required for inspections by 95%. They 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 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.