The motor insurance market in India is approximately Rs 70,000 crore in terms of Gross Written Premiums. With newer and stricter regulations more and more people are buying motor insurance. However, while motor insurance, in general, has grown by 16% over the last year, the new digital insurers in the marketplace have seen their premiums increase by 4X-6X.
This underlines a shift in the way customers choose to buy motor insurance – from the convenience of their smartphone or computer, instantly. There is no reason to think that they would not want to settle an insurance claim in the same convenient manner. Fortunately, machine vision technology solves claims settlement challenges to a great extent.
Current Claims Process
Let us have a quick look at the current claim settlement process for motor insurance. Once the accident occurs, the insured has to follow the following steps:
- The insured informs the insurance company about the accident. Subsequently, the insured files a physical claim along with the required documents such as RC, DL, insurance policy, bills, receipts, etc.
- A surveyor gets assigned by the insurance company to examine the damaged vehicle.
- The surveyor ascertains the reason and the extent of the loss. After this, the insurer sends an approval/rejection of the claim/amount.
The above process is not