Liberty General Insurance transforms the customer experience of over 100,000 customers in CY 2022 with AI-enabled vehicle inspections – a scalable, low-cost and customer-centric solution

• 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

MUMBAI, India, January 25, 2023 /PRNewswire/ — Liberty General Insuranceone of the fastest growing general insurance companies in Indiaannounced the milestone of serving over 1,00,000 customers using artificial intelligence (AI) for vehicle inspections in JanuaryDecember 2022. In 2021, the Company automated its pre-renewal vehicle verification process using AI-technology. The adoption of this technology has transformed Liberty’s vehicle inspection process, which was previously heavily dominated by manual interventions.

In the car insurance segment, it is estimated that over 30% of old cars need pre-insurance inspection due to reasons like insurance gap, coverage enhancement etc. The traditional inspection process is time-consuming, people-intensive, and expensive to scale because it involves many handoffs and relies on manual controls. The company is taking advantage of this opportunity by working on a sustainable solution to make things better for its customers. And this end-to-end solution has helped Liberty provide a much faster and hassle-free policy buying experience to its auto insurance customers.

Under the AI-based inspection process, customers use mobile phones to capture photos or videos of their vehicle, which are then sent to the cloud and an automated inspection report that describes the vehicle’s condition and risk assessment is generated with the help of AI algorithm.

Speaking of this milestone, Mr. Rupam AstanaChief Executive Officer and Whole Time Director, Liberty General Insurance, said, “With a clear purpose to get closer to the customers and serve them well and more efficiently, we have introduced tits AI-based solution in early 2021. This has made the entire vehicle inspection process quick and hassle-free for our customers. This technology brings much-needed acceleration and convenience to all car owners who have missed renewing their insurance policy on time.”

“We’ve built a reusable capability that can be deployed in other areas of the business, such as claims, operations, etc. We will continue to invest and continue to explore new-age technology alternatives that will allow us to be more efficient as we grow.” Mr. Ashtana added.

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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