With the launch of RAPID, Reliance General hope to empower their customers to buy or renew policies
Reliance General Insurance on Monday announced the launch of a new Artificial Intelligence-based solution RAPID to expedite the vehicle claim process. The technology is equipped with image analytics powered by Microsoft Azure Cognitive Services and Azure Machine Learning capabilities.
With the launch of RAPID, Reliance General hope to empower their customers to buy or renew policies anytime, anywhere. The AI-based solution would be able to assess damage through images.
In this process, right from the accident spot, the insured can access Reliance Selfi app to intimate the claim, upload the photos and documents to get the claim registered.
Once the claim is generated, the AI tool starts processing and almost instantly generates a provisional repair work order for the customer. It also gives an option to the customer to opt for on-the-spot settlement which can be credited to customers' accounts immediately.
The initiative would be extremely helpful to the automobile insurance customers who are required to undertake time-consuming methods — including visits by insurance inspectors to assess the damage — to renew policies or settle repair claims.
"Introducing this AI-based solution makes the entire vehicle claims process completely superfast and hassle-free for our customers. This technology brings the much-needed acceleration to more than 60 per cent of claims we receive for our passenger vehicles which have just peripheral damages", said Rakesh Jain, CEO, Reliance General Insurance Company.
Customers would also not be required to keep their vehicle off the road for the investigation to be completed. The insurer claims that RAPID would bring down the process of claims intimation to claims settlement period, to complete in less than an hour.
“With the use of RAPID, a significant decrease in the claim processing time is achieved, which will result in an enhanced customer service experience. This initiative connects well with our Brand Philosophy Tech + Heart, offering tech solutions with human touch," added Jain.