Imagine you’re driving down to your office in the morning and an auto driver bumps into the rear of your brand new car. Your heart skips a beat worrying about the damages. The traffic, the honking adding the stress all around! You pull over your car out of the traffic to have a look. The traffic makes its way and leaves you wondering about the endless hassle of getting the car fixed and the dreadful wait of getting the damages reimbursed.
Wouldn’t it be better if processing claims would have been ‘Insta’ like all Insta hashtags we use on social media? Indian insurance business is growing at 32% but penetration of insurance is miniscule. That’s because we all hate paperwork! Innovation is the key here and ICICI Lombard motor insurance has raised the bar. ICICI Lombard has been an early adopter of fintech. With the advent of technology, ICICI Lombard General Insurance has been successful at processing paperless claims. Over 90% of its claims are settled with tabs. The ‘Insure’ mobile app has been a boon for an ‘on the go’ connect with its customers.
But wait, It’s not only paperless! How about we tell you that the ‘Insure’ app settles claims with its video streaming feature? ICICI Lombard launched India’s first live video inspection feature.
The claims manager then assesses the damage through the live video chat and informs the customer about the extent of liability. All you need to do is keep your driving license and vehicle registration copy handy. For a better experience, it is advised to use a smartphone with good picture quality (5 MP or more).
The customer can accept the claims manager’s assessment of the damage. The details and approvals are sent to the workshop even as the car is being transported there. The entire claim approval process takes a few hours; much lesser than most conventional claims processes.
The live video streaming feature has brought in
- On the spot vehicle inspection
- Reduced waiting time
- Clarity on coverage and deductions
- Greater transparency
- Assistance with vehicle pick-up services
- Faster claim settlements
An insurance contract is a contract of Uberrima fides or a contract of utmost good faith. The parties to an insurance contract are required to deal with each other in good faith and declare all material facts. Trust being the founding stone of an insurance contract, the InstaSpect feature helps build trust and transparency between the insurer and the insuree.
The InstaSpect feature has been a pathbreaking augmentation to the existing ‘Insure’ mobile app. It has not only reduced the insurer’s turn around time; it has allowed both the insurer and the insuree to optimize the claim settlement process.
As high speed internet spreads its web across India, such modern insurance tech will continue to transform this business sector. With the help of technology, ICICI Lombard has become India’s first private sector insurance company to achieve claim settlement ratio of 92.2% vis-à-vis industry average of 81.9%.
- Chaitanya Kulkarni
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