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AI Fuels Motor Claims Settlement At HDFC ERGO

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AI Fuels Motor Claims Settlement At HDFC ERGO
Nirmala Konjengbam - 02 November 2020

HDFC ERGO General Insurance on Monday announced the launch of AI (Artificial intelligence) tool IDEAS (Intelligent Damage detection Estimation and Assessment Solution) for faster motor claim settlements.

The AI tool would enable surveyors to assess damages instantly and complete calculation of claims estimate in real-time for faster claim settlement. The IDEAS module uses neural network image processing and analytics, machine learning and natural language to support its functioning.

The module would help surveyors undertake real-time assessment just by clicking images. After taking photos the entire process would be complete in three steps. The tool would read vehicle number, make and model. It would also detect damaged parts, severity of damages and auto assess or estimate the claim amount. The settlement amount would be based on damage and severity detection using AI assisted intelligent rate masters.

HDFC ERGO said the IDEAS module has been trained using more than 3,00,000 images over the last two years. It will be integrated with the surveyor app, e2e, launched in 2017 to help process motor-own damage through mobile phones.

The company claims that the IDEAS module would help in minimising the risk of fraudulent claims.

“We have implemented the use of AI in one of the most complex processes of claim settlement post exhaustive testing and by leveraging the best-in-class technology. At present, almost 75 per cent of our physical inspections are assisted through the IDEAS tool and have already processed more than 20,000 motor claims with good accuracy levels. We look to further revolutionise the way claims will be settled in the insurance sector and very soon move towards instant claim settlements for customers, turning their satisfaction into delight,” Parthanil Ghosh, President, Motor Business HDFC ERGO General Insurance said.

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