AI Claim is changed to Pibit.ai
How Pibit.ai can help Insurance companies to automate the Pre-inspection process
India is one of the world’s fastest-growing and largest auto markets. As per Statista, There were around 253 million cars in fiscal year 2017 and every year on an average 3 million cars are sold in India. And this number is growing.
With the growth in the auto market, the auto insurance industry is also growing at the same pace. But the Auto insurance industry is not growing with respect to the technology. This sector’s core business processes such as underwriting, claim processing etc. are still handled manually and the processes are getting complex due to that. Companies are spending the most on their operational costs but still the customer satisfaction is poor.
Underwriting is one of the processes where Insurance industries spend a lot of money in carrying out manual mundane tasks. In today’s competitive market, to maintain high customer satisfaction, insurance companies need to provide customers with quick answers on the insurability and cost of new/renewal policies. But with manual handling, issuing a policy or providing the accurate cost of the policy, companies take around 3-4 days as they need to first carry out the vehicle inspection process.
This pre-inspection process is generally done by agents who visit the customer’s place and physically inspect the vehicle and check for any old damages/physical condition of the vehicle. After that they create a vehicle assessment report, which delays the process and makes the customer frustrated and they tend to approach other insurance providers for better services.
This is where Pibit.ai’s vehicle damage assessment can help insurance companies to automate and reduce this process to a few minutes.
Our product is based on Computer Vision technology, which analyses the images and extracts detailed insights of damaged parts and generates expert level vehicle assessment reports.
Underwriting Process with our product
One of the key benefits of using Pibit.ai’s vehicle damage assessment is that it is able to precisely identify the damage and the part which is damaged. Also, with digitising the assessment reports, insurance companies benefit by reducing the claim costs as the companies have access to vehicle assessment reports that were created during issue of the policy.
Benefits of using AI powered vehicle damage assessment
How will our product fit into the current workflow?
Our product is API based and it can be easily integrated with current softwares. This is how the workflow will be after integrating :
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