ICICI Lombard General Insurance has launched ‘InstaSpect ‘ – India’s first live video inspection feature for motor insurance claims.
This novel feature allows customers to raise an instant claim via the ICICI Lombard ‘insure’ mobile app. The customer has to simply stream a live video of the damaged vehicle to an ICICI Lombard claims manager. The claims manager assesses the damage through the video and informs the customer about the extent of liability, documentation and further process involved. The customer can accept the claims manager’s assessment of the damage enabling the claims manager to immediately approve the claim and initiate the vehicle damage repair process.
• On- the spot vehicle inspection
• Reduced waiting time
• Clarity on coverage and deductions
• Greater transparency
• Assistance with vehicle pick-up services
• Faster claim settlement
For a hassle-free claim settlement, a customer needs to open InstaSpect on the ‘insure’ app and click on the ‘InstaSpect’ option which connects to the claims manager. The claims manager guides the customer to do the live video streaming and advises him/ her on how to take the video of specific damaged areas and upload the same along with the policy documents. The manager then provides the policyholder with a rough estimate of the damage and the liability. 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 a normal claim process. To view a demo of this new feature, click here (https://www.youtube.com/watch?v=uHIgwYdH_30&feature=youtu.be)
To understand the level of acceptance of its ‘InstaSpect’ feature, the company had undertaken a survey of over 810 vehicle users in the 25-55 age group. The findings revealed that 94% respondents liked the concept and were keen to use the application; 37% appreciated the on-spot claim assistance process while 26% mentioned that it will bring down the survey time. In an encouraging sign, half of the respondents found the feature, new and interesting.
Speaking at the launch of the new solution, Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance said, “At ICICI Lombard, we have always strived to challenge the status quo and provide the best in class experience to our customers by using the latest technology solutions. Through this new age motor insurance claims feature ‘InstaSpect’ on our ‘insure’ app, we have made the claims approval process far more efficient and hassle free for the benefit of our customers.”
ICICI Lombard had a claim settlement ratio of 92.2% within 30 days in FY2017 vis-a-vis industry average of 81.9%. A team of 550 in-house surveyors and over 6,500 garages ensure smooth claim reimbursements. 91.4% claims surveyed by the company are done so through tablets.