Page 206 - India Insurance Report 2023- BIMTECH

194 India Insurance Report - Series II

and hence the surveyor may need to be consulted again. The Surveyor/Claims Manager also approves of
an estimate of repair. There are chances of:

- Overbilling on both parts and labour;
- Charging of damages not connected with the accident;
- Other areas of fraud, like incorrect/fake documents

Now, we replace this scenario with AI technology, and this will trigger real-time scenarios,
starting with Photos/Videos of the damaged vehicle taken from all sides.

- AI algorithm can detect the damage and also the extent of the damage (Scratch, Bump, Dent etc.);
- It will rely on the rates (both parts and labour) from OEM (Original equipment manufacturer) /
previous such accidents in the area;
- Any estimate of repair outside of the range will be flagged for review and inspection;

- If everything is in order, the damage assessment can be auto-approved. What took a few hours can
now happen in minutes;
- Fraud checks like whether the driver’s license is valid, whether the document is fabricated, etc., can
be done in real-time;
- Reliance on past data of the number of frauds from that area, garage, etc., will also be done in real time.

Now, with this happening in real time, losses to the insurance company can be minimized, and also
the TAT for customer services is greatly reduced, thereby improving the customer experience. The
benefits to customers include lower TAT and reduced cost of insurance, and it brings higher productivity
and lower costs to an insurance company. Additionally, such technology interventions also help the
industry’s growth and reduce regulatory burden in cases of complaints.

4. Artificial Intelligence – OCR/ICR

As a technology OCR/ICR have existed for a very long time, and the benefits start multiplying when
they are fused with AI. For example, Claims are a very document intensive process, which results in a
large amount of data capture (Documents, Invoice, Images, Settlement Bills etc.). AI coupled with OCR/
ICR can be auto-read, classify, segregate, mask, secure a lot of the documents. It can also map the extracted
data with the various system-based masters and upload the data into the various IT systems, thereby
reducing the Manpower required for data entry. The benefits to customers include lower TAT and
reduced cost of insurance, and to an insurance company, it brings higher productivity and lower costs.

5. Artificial Intelligence – BOTS (Short Form Of ROBOT)

Customers of an Insurance Company, at some point in time, will be required to interact with the
company for claims or, queries or endorsements. Today’s most preferred customer interaction method
is to call the call centre and have a conversation with the person or to send an email. So, every insurance
company is responsible for adequate human staffing at the contact centre to receive calls from customers.