- Serviced over 1,00,000 customers through AI with reduced execution time from 90%
- AI accuracy rate successively at 90% and improvement
- Prompt execution of policy issuance even on non-business days has resulted in a better customer experience
- 97% of eligible vehicle inspection leads were processed through AI in an average time of 10 minutes
Speaking of development, Mr. Udayan JoshiPresident – Product, Insurance and Reinsurance, said, “The rollout of this initiative has provided a complete digital experience for consumers and we now have the ability to serve our customers and agents even on non-business days. Challenging the traditional process that took several days to insure cars with a gap in insurance coverage, we have significantly reduced the turnaround time to less than 20 minutes.”
“AI has made insurance processes more efficient, with improved quality of risk assessment. Additionally, as AI has taken the burden of monotonous transactional work, it has created some headroom for talent in the product and underwriting team to focus on higher quality work.” Mr. Joshi added.
regarding Liberty General Insurance
Liberty General Insurance Ltd. (LGI) is a joint venture between Liberty Citystate Holdings PTE Ltd — a company from the group of Liberty Mutual Insurance Groupa diversified global insurer with over 900 offices worldwide, headquartered in US, Enam Securitiesand Diamond Dealtrade. LGI started operations in 2013 with the aim of providing comprehensive retail, commercial and industrial insurance solutions. The company has over 1,100 employees with a presence in over 100 locations in 29 states and UTs. Its partner network consists of around 6000+ hospitals and more than 4300 car service centers. The company offers health and accident insurance, car and two-wheeler insurance, workers’ compensation insurance, commercial insurance, engineering insurance, marine insurance, liability insurance and property insurance among other products in India.
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