Insurance companies face challenges with delayed settlement of claims, leading to significant financial penalties, as evidenced by recent cases involving prominent players. These delays can erode customer trust and result in financial strain due to prolonged claim processing times and potential legal repercussions.
Digitalizing the insurance process, particularly the inspection system, can substantially decrease turnaround times and enhance efficiency in issuing policies swiftly. By leveraging advanced technologies such as AI, machine learning, and IoT, insurers can streamline their operations, reduce manual errors, and improve overall accuracy. This digital transformation also enables real-time data analysis, which helps in identifying fraud, predicting risks, and personalizing customer experiences.
One of our notable clients achieved a 60% reduction in TAT (Turnaround Time) and increased inspection throughput by over 40% through optimized inspection processes.
This was accomplished by integrating automated inspection tools, real-time data capture, and advanced analytics into their workflow. As a result, they not only improved operational efficiency but also enhanced customer satisfaction by providing faster and more accurate service.
The Challenge
Leading the market in South India is a notable achievement, yet our customer- a leading Insurer in the Motor vehicle Insurance segment, aimed for further growth which was hindered by manual processes.
Their Vehicle Inspection process suffered from inefficiencies and delays due to reliance on manual methods. Managing these inspections involved coordinating multiple third-party agencies and internal staff. This took away a lot of time and duplication of efforts.
In cases of break-in inspections, the process was entirely manual. Vehicle Inspectors visited customers, manually documented notes and photos, compiled reports, and transmitted them to clients. This labor-intensive approach caused extensive workflow delays and impacted quote conversion rates adversely.
The Solution
To address this challenge, we leveraged the Comprehensive Vehicle Inspection Solution, one of the core pillars of our Mobility Suite. This is a workflow-enabled solution that enhances inspections, aids inspectors, and boosts underwriting efficiency.
We created a custom Android application for the vehicle inspections, in which, a live streaming feature is embedded that allows real-time interaction with field personnel, helping them capture inspection data, including videos and images, and submits a detailed reports to supervisors.
Highlights:
- We created Custom Android App that manages on-field activities Vehicle Inspections.
- Live Streaming enables real-time interaction with field personnel.
- Enables agents to capture inspection data, including video and images, and auto generate reports.
- Detailed reports sent to supervisors for review and action, remotely.
- Supervisors access reports, images, AV clips via Web Portal.
- Workflow allows for report acceptance or re-assignment as needed.
Value Delivered:
- Over 1000 on-field inspection personnel were empaneled by the Insurer.
- Over 4000 inspections per month could be carried out using the VIR Mobile App.
- Reduction in TAT by more than 60% in comparison to the manual process.
- 40% increase in the number of vehicles being inspected.
- Decrease in cost of management of on-field personnel.
- Flexible configuration for the insurer to customize the report for each inspection accordingly.
