Digital revolution: Motor insurance as easy as ABC

financialexpress.com:

By Nitin Kumar

Thanks to technology, traditional, time-consuming practices are making way for faster, easier processes. An example is the insurance sector, particularly motor insurance, which has embraced technology in two key areas: simplifying claims processing and KYC (know your customer) process. Let’s delve into these two.

How does online motor insurance claims process work?

Just a decade ago, filing a motor insurance claim was cumbersome, requiring physical visits to insurance offices and waiting for days, or even weeks, for settlements. But digital technologies have turned this arduous process into a streamlined, hassle-free affair.

Instant claims intimation: Policyholders can instantly intimate their insurance company about motor insurance claims through mobile apps or websites. The process usually involves filling out an online form, providing details of the incident and uploading supporting documents, such as photographs of the damaged vehicle. It expedites the claims settlement process.

Real-time evaluation and quick disbursement: With immediate access to claims information, an insurance company can promptly assess the situation. AI-powered tools can analyse images and data to evaluate the extent of damage and calculate the claim amount accurately. The process is done remotely, eliminating the hassle of physical inspections. Once the claim is approved, the settlement amount is disbursed to the policyholder’s registered bank account through electronic fund transfer.

Option of cashless settlement: Many insurers have established networks of authorised garages, enabling cashless claim settlements. Policyholders can have repairs done at these garages without upfront payment, as the insurer directly settles