Liberty General Insurance transforms customer experience of over 100,000 customers in CY 2022 through AI enabled Vehicle Inspections – a scalable, low cost & customer centric solution
- Serviced over 1,00,000 customers through AI with turnaround time reduced by 90%
- AI accuracy ratio consistently at 90% and improving
- Instant fulfilment of policy issuance even on non-working days led to better Customer Experience
- 97% of eligible vehicle inspection leads were processed via AI at an average time of 10 minutes
In motor insurance segment, it is estimated that over 30% of old cars need an inspection before insuring, for reasons like gap in insurance, enhancement in coverages etc. The traditional process of inspection was time consuming, human intensive & costly to scale-up as it involved many handoffs and relied on manual controls. The Company capitalized on this opportunity by working on a sustainable solution to make things better for its customers. And this end-to-end solution has helped Liberty provide a much faster and seamless policy-buying experience to its car insurance customers.
Under the AI-based inspection process, customers use mobile phones to capture photos or videos of their car, which are then sent to the cloud and an automated inspection report, detailing the vehicle condition and risk assessment gets generated using AI algorithm.
Talking about this milestone, Mr.
"We have built a reusable capability that could be deployed in other areas of business such as Claims, Operations etc. We shall stay invested and continue to explore new age technology alternatives that will enable us to be more efficient as we scale up,"
Speaking on the development, Mr.
"AI has made underwriting processes more efficient, with improved quality of risk assessment. Additionally, as AI has taken up the workload of monotonous transactional work, this created some space for the talent within Product & Underwriting team to focus on more qualitative work,"
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