Liberty General Insurance transforms customer experience of over 100,000 customers in CY 2022 through AI enabled Vehicle Inspections - a scalable, low cost & customer centric solution

• Serviced over 1,00,000 customers through AI with turnaround time reduced by 90%
• AI accuracy ratio consistently at 90% and improving
• Instant fulfilment of policy issuance even on non-working days led to better Customer Experience
• 97% of eligible vehicle inspection leads were processed via AI at an average time of 10 minutes

MUMBAI, India, Jan. 25, 2023 /PRNewswire/ -- Liberty General Insurance, one of the fastest growing general insurance companies in India, has announced reaching a milestone of servicing over 1,00,000 Customers using Artificial Intelligence (AI) for vehicle inspections over Jan-Dec 2022. The Company automated its pre-policy vehicle inspection process for car insurance renewals using AI-technology in 2021. Adoption of this technology has transformed the car inspection process at Liberty, which was earlier heavily dominated by manual interventions.

In motor insurance segment, it is estimated that over 30% of old cars need an inspection before insuring, for reasons like gap in insurance, enhancement in coverages etc. The traditional process of inspection was time consuming, human intensive & costly to scale-up as it involved many handoffs and relied on manual controls. The Company capitalized on 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 seamless policy-buying experience to its car insurance customers.

Under the AI-based inspection process, customers use mobile phones to capture photos or videos of their car, which are then sent to the cloud and an automated inspection report, detailing the vehicle condition and risk assessment gets generated using AI algorithm.   

Talking about this milestone, Mr. Roopam Asthana, CEO & Whole Time Director, Liberty General Insurance, said, "With a clear objective of getting closer to the customers and serving them well and more effectively, we introduced this AI-based solution in early 2021. This has made the entire vehicle inspection process swift and seamless for our customers. This technology brings the much-needed acceleration & convenience to all car owners who missed to renew their insurance policy in time."

"We have built a reusable capability that could be deployed in other areas of business such as Claims, Operations etc. We shall stay invested and continue to explore new age technology alternatives that will enable us to be more efficient as we scale up," Mr. Asthana added.

Speaking on the development, Mr. Udayan Joshi, President- Product, Underwriting & Reinsurance, said, "Deployment of this initiative has delivered an end-to-end digital experience for users, and now we have the capability to serve our customers & agents even on non-working days. Challenging the traditional process that used to consume a few days for insuring cars with a gap in insurance coverage, we've substantially brought down the turnaround time to less than 20 minutes."

"AI has made underwriting processes more efficient, with improved quality of risk assessment. Additionally, as AI has taken up the workload of monotonous transactional work, this created some space for the talent within Product & Underwriting team to focus on more qualitative work," Mr. Joshi added.

About Liberty General Insurance

Liberty General Insurance Ltd. (LGI) is a joint venture between Liberty Citystate holdings PTE Ltd — a group company of Liberty Mutual Insurance Group, a diversified global insurer with over 900 offices across the world, headquartered in the U.S., Enam Securities, and Diamond Dealtrade. LGI commenced operations in 2013 with the aim of providing comprehensive retail, commercial and industrial insurance solutions. The company has an employee strength of 1,100+ with presence across 100+ locations in 29 states and UTs. Its partner network consists of about 6000+ hospitals and more than 4,300 auto service centres. The company offers health and personal accident insurance, car and two-wheeler insurance, employee compensation insurance, commercial insurance, engineering insurance, marine insurance, liability insurance and property insurance among other products in India.