Kotak General Insurance introduces AI Vehicle Pre-Inspection

Kotak Mahindra General Insurance company has revealed that it will automate vehicle inspection with AI-based technology for the renewal of the vehicle's insurance policies.

Kotak General Insurance is a 100% subsidiary of Kotak Mahindra Bank Ltd and caters to the growing non-life insurance segment in India.

Suresh Sankaranarayanan, Chief Technology Officer, Kotak General Insurance Company Limited, said, "The do-it-yourself (DIY) process will help enhance customer experience and reduce turnaround time and frauds. Over the past few years artificial intelligence has become a mainstay for several of our businesses, and we at Kotak General Insurance have also spruced up technology to provide seamless solutions to our customers. We hope to serve our customers better with this new technology addition."

Kotak General Insurance has partnered with the US-based AI-assisted vehicle damage assessment firm, Inspektlabs to automate the vehicle inspection process. Under the AI-based inspection process, during policy renewals, customers can capture photos or videos of their vehicles and upload them on the cloud-based app.

An automated inspection report covering damages, if any, gets generated within a few seconds of uploading the photos/videos.

The automated process replaces humans in repetitive work at a very high accuracy level that saves cost and increases customer satisfaction by reducing the time required to renew a car insurance policy. 

The technology also helps to detect fraud based on the videos and pictures uploaded, thus aiding the underwriting process.