HDFC ERGO Launches AI Enabled Tool For Car Insurance Claim Settlement

Vehicle sales have increased exponentially, thanks to the coronavirus pandemic. This has helped the entire automotive sector recover from the slump. With the increased vehicle sales, there is also an increment in the number of insurance claims filed. To solve this issue, India’s third-largest non-life insurance company in the private sector, HDFC ERGO General Insurance has announced the launch of the new AI tool IDEAS (Intelligent Damage detection Estimation and Assessment Solution) for motor claim settlements.

The IDEAS module uses Neural Network image processing and Analytics, Machine Learning, and Natural Language that supports instant damage detection, as well as the calculation of the claims, and estimate for the surveyors to help in motor claims settlement in real-time. This launch along with the digital inspection for the company comes as an advantage for the surveyors, partner workshops as well as customers amidst the ongoing pandemic.

Commenting on the launch Mr. Parthanil Ghosh, President – Motor Business HDFC ERGO General Insurance said, Customer and Partners are our topmost priority, and hence we channel our efforts towards finding new technologies and innovative ways in which we can simplify processes for faster & efficient claim settlements. We have implemented the use of AI in one of the most complex processes of claim settlement post exhaustive testing and by leveraging the best-in-class technology. At present, almost 75% of our physical inspections are assisted through the IDEAS tool and have already processed more than 20,000 motor claims with promising accuracy levels. We look to further revolutionize the way  claims will be settled in the insurance sector and very soon move towards instant claim settlements for customers, turning their satisfaction into delight.”

The company’s surveyor mobile application was the first-of-its-kind mobile application launched for surveyors in 2017 which enabled surveyors to process entire motor own damage claims through mobile phones on a complete paperless basis. Similarly, the IDEAS module, which is trained using more than 3,00,000  images over the last 2 years and is agnostic to vehicle makes and models have been integrated into the surveyor mobile app. This shows us that HDFC ERGO is moving towards planned and systematic implementation of various technologies to automate the complex process of motor claims. The IDEAS implementation will improve the surveyor’s efficiency and support the workshops for damage estimation as well and thereby speeding the claims processing for the ultimate benefit of the end customers.

IDEAS has been seamlessly integrated and implemented in the surveyor’s inspection workflow for them to receive an auto estimation of the damage by clicking the vehicle photos. The IDEAS module does the rest wherein the entire process is done under 3 main functions which will Read (vehicle number, make and model), Detect (all vehicle parts, damaged parts, the severity of damaged parts) and Auto Assess/Estimate the claim amount, based on the damage and severity detection using the AI-assisted intelligent rate masters. IDEAS module also minimizes the risk of fraudulent claims.

Source: Motoroids