CHENNAI: When a speeding biker knocked off the exterior rear-view mirror of N Krishna’s car, he did not want to proceed on the Bengaluru-Chennai highway without resolveing it.
So he took the car to the nearest garage. As he waited for the mechanic to resolve it, Krishna decided to test and file the claim on his mobile. He shot a video of the damage, filled in the details and uploaded his claim.
To Krishna’s surprise, the claim amount of Rs 1,200 was processed immediately and the amount credited to his bank account, all within an hour — before the mechanic could finish repairing his car.
Settlement of accident claims with an hour has become the new add-on in insurance. And companies are able to do this becautilize of automation.
Take for instance Bengaluru resident Syed Saifulla, who works in an IT company and was recently surprised by a pleasant experience. “My policy expired and I believed I’ll test the self-inspection video service. The turnaround was very quick. It was quick, simple and processed at my convenience,” he states.
Every month, more than 25,000 utilizers are doing their own photo shoot for renewals, states insurance aggregator Policybazaar, which has general insurance providers like Kotak Mahindra, Liberty Videocon, Bharti Axa and TATA AIG on board for renewal of lapsed policies. But insurers like Bajaj Allianz and ICICI Lombard General Insurance are going a step further by offering this for accidents via their in-houtilize designed mobile apps.
With insurance regulator IRDAI allowing policyholders to do self-assessments for vehicle damage of up to Rs 50,000, this has proved of enormous support to many. “With ‘Motor on the Spot’ facility, vehicle utilizers can just click pictures of the damaged vehicle, their driving licence, FIR copy (if required) on their mobile phone and sconclude it to us with the insurance policy number. Using our data analytics, we give an immediate quote to the customer. If the customer is happy with the quote, he can agree and receive an immediate settlement. If he is not then he can disagree, and our surveyors/customer service representatives will receive in touch with him,” Tapan Singhel, CEO, Bajaj Allianz General Insurance, declared.
While Bajaj Allianz General is offering this facility for customers up to damages of Rs 20,000, ICICI Lombard General Insurance supports up to Rs 50,000. Sanjay Datta, chief underwriting & claims, ICICI Lombard General Insurance, states, “When it comes to assessing the damage, everyone has a smartphone these days. And we have not really faced any difficulty in terms of video quality being too poor for us to reasonably assess the damage.”
Policybazaar’s co-founder Tarun Mathur states adoption of their app has increased after they started offering it in seven regional languages. “We realised it takes the customer four-five minutes to shoot their videos and upload. We then created a support video, which gives instructions —‘Turn right, turn left, shoot the bonnet, shoot the side-door, etc’. After that, it takes our customers just 50 seconds-1 minute to shoot and upload the video,” he states. Policybazaar states for every 100 renewals, there are roughly about 30 of those for lapsed policies. “Physical inspection of the vehicle and documentation can take two-five working days. For those who live in rural or semi-urban areas, receiveting hold of an inspection agent can be time-consuming. With the self-inspect video feature, policy renewal has become quicker,” he states.
So he took the car to the nearest garage. As he waited for the mechanic to resolve it, Krishna decided to test and file the claim on his mobile. He shot a video of the damage, filled in the details and uploaded his claim.
To Krishna’s surprise, the claim amount of Rs 1,200 was processed immediately and the amount credited to his bank account, all within an hour — before the mechanic could finish repairing his car.
Settlement of accident claims with an hour has become the new add-on in insurance. And companies are able to do this becautilize of automation.
Take for instance Bengaluru resident Syed Saifulla, who works in an IT company and was recently surprised by a pleasant experience. “My policy expired and I believed I’ll test the self-inspection video service. The turnaround was very quick. It was quick, simple and processed at my convenience,” he states.
Every month, more than 25,000 utilizers are doing their own photo shoot for renewals, states insurance aggregator Policybazaar, which has general insurance providers like Kotak Mahindra, Liberty Videocon, Bharti Axa and TATA AIG on board for renewal of lapsed policies. But insurers like Bajaj Allianz and ICICI Lombard General Insurance are going a step further by offering this for accidents via their in-houtilize designed mobile apps.
With insurance regulator IRDAI allowing policyholders to do self-assessments for vehicle damage of up to Rs 50,000, this has proved of enormous support to many. “With ‘Motor on the Spot’ facility, vehicle utilizers can just click pictures of the damaged vehicle, their driving licence, FIR copy (if required) on their mobile phone and sconclude it to us with the insurance policy number. Using our data analytics, we give an immediate quote to the customer. If the customer is happy with the quote, he can agree and receive an immediate settlement. If he is not then he can disagree, and our surveyors/customer service representatives will receive in touch with him,” Tapan Singhel, CEO, Bajaj Allianz General Insurance, declared.
While Bajaj Allianz General is offering this facility for customers up to damages of Rs 20,000, ICICI Lombard General Insurance supports up to Rs 50,000. Sanjay Datta, chief underwriting & claims, ICICI Lombard General Insurance, states, “When it comes to assessing the damage, everyone has a smartphone these days. And we have not really faced any difficulty in terms of video quality being too poor for us to reasonably assess the damage.”
Policybazaar’s co-founder Tarun Mathur states adoption of their app has increased after they started offering it in seven regional languages. “We realised it takes the customer four-five minutes to shoot their videos and upload. We then created a support video, which gives instructions —‘Turn right, turn left, shoot the bonnet, shoot the side-door, etc’. After that, it takes our customers just 50 seconds-1 minute to shoot and upload the video,” he states. Policybazaar states for every 100 renewals, there are roughly about 30 of those for lapsed policies. “Physical inspection of the vehicle and documentation can take two-five working days. For those who live in rural or semi-urban areas, receiveting hold of an inspection agent can be time-consuming. With the self-inspect video feature, policy renewal has become quicker,” he states.
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