Mumbai based Insurance firm Rolls Out AI-based Automated Car Inspection

Liberty General Insurance has now rolled out an Artificial Intelligence powered solution to automate vehicle inspections for claim assessments and vehicle insurance renewals, reports EconomicTimes.

The solution is developed and built by the Inspektlabs, having its operation based out of Delhi and helps turn the paper and people-intensive process of manual vehicle inspections into an automated process solution.

In the ET report, Roopam Asthana, CEO & Whole Time Director, Liberty General Insurance, said, "We have been working with partners for almost two years now to automate our car inspection process. Through this partnership, we have developed an efficient and elegant product, which will help us reduce the cost and time required for motor inspections significantly. This capability will further enhance customer experience with the lower turnaround on claims and renewals".

In the same report, Devesh Trivedi, CEO & Cofounder, Inspektlabs said, "We are grateful to Liberty General insurance and humbled by their continued faith in us. Globally insurers and automotive players spend billions of dollars on inspections. Inspektlabs’ patent-pending technology allows insurance and automotive players to reduce the cost of inspection by 98% and reduce the time required for inspections by 95%. We are currently working with multiple companies in US, Japan, and India to automate up to 75% car inspections using AI technology."

With the help of the new AI application, users can capture photos and videos of the car for claims assessment and policy renewals. Media files are then sent to the cloud for an automated inspection report, via which the AI engine runs multiple scans as compared to a host of other photos.

The report is then generated and sent to the user in a couple of minutes.

The new offering has already been integrated with the Liberty General Insurance workflow and is focused on automation of the policy renewal approvals and small and mid-sized motor claim estimation, notes the report.

The firm also added that the platform would constitute specialized features for fraud detection, such as hidden damages and detection of prior damages.