In order to automate the complex process of motor claims, on November 2, 2020, HDFC ERGO General Insurance launched the AI (Artificial Intelligence) tool IDEAS (Intelligent Damage detection Estimation and Assessment Solution) for motor claim settlements.
- The IDEAS module uses Neural Network image processing and Analytics, Machine Learning and Natural Language that supports instant damage detection as well as calculation of the claims estimate for the surveyors to help in motor claims settlement in real-time.
- It is trained using more than 3,00,000 images over the last 2 years and has been integrated in the surveyor mobile app.
Points to be noted:
–e2e, HDFC ERGO’s Surveyor mobile application, was the first-of-its-kind mobile application launched for surveyors in 2017 which enabled surveyors to process entire motor own damage claims through mobile phones on a complete paperless basis.
–Now with the IDEAS module, the efficiency of surveyor’s will be improved thereby speeding the claims processing for ultimate benefit of the end customers.
–The IDEAS module does the rest wherein the entire process is done under three main functions which will read (vehicle number, make and model), detect (all vehicle parts, damaged parts, severity of damaged parts) and auto assess/estimate the claim amount, based on the damage and severity detection using the AI assisted intelligent rate masters. IDEAS module also minimises the risk of fraudulent claims.
Recent Related News:
i.As part of a social commitment to compensate the unprecedented expenses of ordinary people, Canara bank has partnered with 3 insurers namely, New India Assurance Company Ltd, Bajaj Allianz General Insurance Co Ltd and HDFC ERGO Health Insurance Co Ltd to offer individual short-term Corona Kavach policy to cover COVID- 19 related health expenses.
ii.On September 25, 2020 HDFC Bank launched India’s first Warehouse Commodity Finance App. The app will help customers to draw down and manage the loan against the pledge of commodities online without physical intervention or multiple visits to a bank branch.
About HDFC ERGO:
HDFC ERGO General Insurance Company Ltd. is a 51:49 joint venture between the Housing Development Finance Corporation Ltd (HDFC); India’s premier Housing Finance Institution and ERGO International AG; the primary insurance entity of the Munich Re Group of Germany. It is the third largest General Insurance provider in the private sector.
- Managing Director (MD) and Chief Executive Officer (CEO)– Ritesh Kumar
- Chairman– Deepak S. Parekh
- Headquarters– Mumbai, Maharashtra
- Chatbot– DIA