India’s third-largest private sector non-life insurance company, HDFC ERGO General Insurance declared the implementation of an AI tool, IDEAS (Intelligent Damage detection Estimation and Assessment Solution) for motor claim settlements. The tool will provide AI-enabled solutions to automate settlements.
HDFC ERGO is planning towards the systematic implementation of different technologies to control the complex processing of motor claims. The IDEAS module utilizes Neural Network image processing & Analytics, Machine Learning, and Natural Language Processors. Its implementation will boost up the efficiency of surveyors and assists the workshops for damage estimation. It also helps in the calculation of claims estimate, so that the surveyors will be able to provide motor claim settlements in real-time. Thus it will accelerate the claims processing to give ultimate benefit to the end customers.
Parthanil Ghosh, President of Motor Business HDFC ERGO General Insurance commented that customers and partners are their topmost priority and so they are focusing to find new technologies and innovative ideas that can simplify complicated processes and paves way for efficient claim settlements.
The company had implemented the application of AI in one of the most complex processes of claim settlement after exhaustive testing and thus leveraging the best-in-class technology. Currently, about 75% of the physical inspections in the company are assisted through the IDEAS tool and have settled more than 20,000 motor claims in the utmost accuracy level. They are looking forward to further revolutionize how claims can be settled in the insurance sector to make their customers more delightful and satisfied.
The AI tool, IDEAS has been integrated into the surveyor’s inspection workflow to receive an auto estimation of the damage by clicking the photos of the vehicle. The AI-enabled device will do the rest wherein the entire process is done under 3 main functions which include; Read (vehicle number, make and model), Detect (all vehicle parts, damaged parts, the severity of damaged parts) and Auto Assess/Estimation of the claim amount, based on the severity of damage detected using the AI-assisted intelligent rate masters. It also reduces the risk of fraudulent claims.
HDFC ERGO is continuously appraising innovative solutions & services for its partners and customers to further deepen the penetration of insurance in India by positively promoting customers to take up motor insurance. With a wide distribution network and a 24×7 support team, the Company is offering seamless and instant service to its customers.