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In India, driving without valid car insurance cover is a punishable offence. Without one, you face the risk of paying a hefty fine. While it is critical to buy a robust car insurance cover, it is equally important to renew the policy on time.
Typically, many Indian car owners avoid renewing their policy because they either forget the renewal date or they think the renewal process is complicated. So, to encourage the car insurance owners in India to renew their comprehensive car insurance on time, and simplify the renewal process, we at Kotak General Insurance have announced an automated vehicle inspection system with AI (artificial intelligence) based technology during policy renewals.
Kotak General Insurance has partnered with Inspektlabs to automate the vehicle inspection process. With the new AI-based inspection system in place, you can now click pictures or video of our car, and upload them on the cloud-based application while renewing the policy.
Once you update the picture/video, you would get an inspection report coverage damages, if any, within a few seconds. This automatic process aims to replace human intervention, cut short the car insurance renewal time, and reduce the chances of errors while conducting the vehicle inspection.
According to Kotak General Insurance, the AI-based vehicle inspection process will lead to a high-level of accuracy during inspection. It is intelligent enough to detect any instance of fraud from the pictures and videos uploaded by the customers and thus makes the underwriting process easier and effective. Moreover, it is also a very cost effective option.
The Chief Technology Officer of Kotak General Insurance believes that the DIY (do-it-yourself) process will help in increasing the customer experience while reducing the turnaround time and instances of fraud. He also believes that AI technology has become an integral part of many businesses worldwide, and it is high-time that insurance companies in India adopt this technology to provide seamless solutions to their customers.
Many experts believe the introduction of the AI-based vehicle inspection system is going to be a game changer, and it will boost the car insurance renewals business in the country.
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