HDFC Ergo to use AI-based to tools for faster claims
The company has recently launched an AI tool called IDEAS (Intelligent Damage Detection Estimation and Assessment Solution) for motor insurance claim settlements.
Hyderabad: HDFC Ergo General Insurance Company is working on artificial intelligence based solutions that will reduce the time taken for processing claims. This will come handy among others for the automobile insurance sector, said Mehmood Mansoori, President – Shared Services and Online Business, HDFC Ergo General Insurance.
He said the company has recently launched an AI tool called IDEAS (Intelligent Damage Detection Estimation and Assessment Solution) for motor insurance claim settlements. Its surveyors are already using it. They have to photograph the vehicle in various angles and within a few minutes the tool can give out the damage estimates within a few minutes. The same will soon be made available to the end users too for processing the claims. This will greatly reduce the time taken for insurance claims, he said.
Addressing the media on Wednesday, he said it has crossed Rs 10,900 crore in gross premium income as of February this year. It is covering more than 1.5 crores lives. It has about 10,000 hospitals and 7,700 garages across India for cashless transactions.
On the health insurance front, he said companies will continue to offer discounts for renewals in the range of five to ten per cent to customers who exercise regularly. They will depend on wearable devices to or apps to sync the health data. The company has recently launched campaign #21ReasonsWhy, a consumer awareness initiative that stresses on financial well-being and importance of insurance to deal with unforeseen situations. The company used the pandemic to strengthen its digital-first approach and turn into a ‘digital insurer’. About 97% of retail policies are issued digitally and more than 80% of its services are available virtually, he said.
In Hyderabad, HDFC ERGO has with more than 12,200 agents. A team remotely processes the pre-authorization of health claims and discharge cashless claims in less than 20 minutes. It has honoured more than 7,800 health insurance claims in Hyderabad and of that more than 1400 were Covid-19 claims.
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