New partnership seeks to disrupt automobile claims

Indian claims management solution service provider IAR Group and US-based AI damage estimation platform Claim Genius have entered into a partnership to jointly bring the latter's AI auto damage estimation solutions to the Indian insurance market. Their collaboration seeks to improve the processing speed and accuracy of Indian auto insurance claims.

IAR Group will be providing strategic, sales and back office support to facilitate Claim Genius’s access to the local market. It would also help drive customisations critical to local insurers and customers.

Commenting on the partnership, IAR Group managing director Manu Mehta said, “We are very confident that our joint solution will revolutionise the Indian insurance industry and are excited to help insurers bring down claim processing costs by up to 50%.”

With the new partnership, Claim Genius’s mobile and cloud-based claims management solution called GeniusCLAIM is currently available in India as well as other global markets. The solution provides insurers with virtually instant damage analysis and claim assessments, helping to streamline claim processing, improve cycle time and reduce processing costs.

“Globally, insurers are spending billions of dollars and millions of man hours to process claims, mostly due to lack of innovation and technology. Currently, we are working with major global insurers to automate up to 70% of claims assessments using AI technology. IAR’s expertise, connections into the industry and knowledge of major product requirements in India will help us deliver successful end-to-end solutions in this region,“ said Claim Genius founder and CEO Raj Pofale.

Source: Asia Insurance Review