Now Car Accident Settlement Possible In 1 Hour – Automation And Technology Join Hands

In the good ol’ days, renewing a motor insurance policy or trying to claim car accident repairs meant immense amount of patience – You waited, after applying the reimbursement; you waited for the claim manager to arrive, prepare his report, and then you waited for that cheque to arrive.

But not anymore!

After The Insurance Regulatory and Development Authority of India (IRDAI) approved usage of videos in car accidents claims and renewal process, settlements are pouring in within an hour; and end users cannot be happier.

Automation and technology, both are being optimally utilized here, and acting as the catalyst which is propelling the next wave of improvisation in the insurance sector.

Self-Inspection A Big Hit In Renewal Cases

As per Insurance aggregator Policybazaar, around 25,000 users are opting for self-inspection video method to renew their policies every month, and insurance providers such as Kotak Mahindra, Liberty Videocon, Bharti Axa and TATA AIG are the torch bearers of this new system.

As per a report last year, around 20% of car insurance policies, and 40% of two-wheeler insurance policies are never renewed, due to hassles as mentioned earlier.

However, after IRDAI approved self-inspection videos to be used as policy renewal, things are a lot smoother and easier.

The instructions are automated, and the user needs to follow them while shooting the video. Once shot, it needs to be uploaded via the app of the insurance provider, and it is done. No need for the representative from insurance agency to come and inspect before approval.

Vijay Kumar, president motor, Bajaj Allianz General Insurance said last year, “Once we get the information through the app the data is stored in a repository. We compare the data at the time of claim before approving or rejecting it,”

As per Policybazaar’s co-founder Tarun Mathur, out of 100, 30 insurance policies lapse due to inactivity from the customer, which may change now.

He says “Physical inspection of the vehicle and documentation can take two-five working days. For those who live in rural or semi-urban areas, getting hold of an inspection agent can be time-consuming. With the self-inspect video feature, policy renewal has become faster,”

Car Accident Settlement In An Hour!

And, this automation and self-inspection videos methodology is a big hit with issues pertaining to car accident settlements, and customers are loving it.

As per IRDAI’s rules, claims till Rs 50,000 can be processed via self-inspection videos, and insurance providers Bajaj Allianz and ICICI Lombard General Insurance are taking maximum advantage of this new rule.

Tapan Singhel, CEO, Bajaj Allianz General Insurance explained that once the user send images of the car accident, their driving licence and FIR copy, their back end team quickly uses analytics to give an immediate quote for the claim.

He said, “If the customer is happy with the quote, he can agree and get an immediate settlement. If he is not then he can disagree, and our surveyors/customer service representatives will get in touch with him,”

Whereas Sanjay Datta, chief underwriting & claims, ICICI Lombard General Insurance, said, “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.”

While Bajaj Allianz provides this on the spot claim settlement up to Rs 20,000, ICICI Lombard extends this till Rs 50,000.

Have you used self-inspection feature to renew your motor insurance policy? Have you ever received car accident claim within 60 minutes? Do share your opinions by commenting right here!