TDI Insurer Innovation Award - PolicyBazaar

1. Self - Video Cashless Claims:
Making Insurance Seamless

2. Facilitate 50% of online insurance business in
India.
100 million visitors a year.
300,000 transactions a month.
Unicorn with numerous marquee investors such
as Infoedge, Temasek, Tiger Global,
TrueNorth and Softbank.
Who are we?

3. What Problem Does It Solve?
In India, it is estimated that for every 100 motor insurance
policy purchased, there are about 15 that go for claims
arising due to physical damage to the vehicle.
The claim process takes physical human intervention to inspect
the vehicle and elaborate documentation, which takes anywhere
between 5 to 7 working days.

4. To reduce the renewal time from 5-7 working days to
couple of hours and to do it at the time of customer’s
ease.
Eliminate the need of physical inspection of the
vehicle for processing claims.
Objective

5. Elimination
of human
error
Reduction of
human effort
50% further
reduction in
claims time
AI
technology
used to
assess
damage
Benefits

6. Reduced from 5-7 working days to 3 – 5
hours.
It has reduced operation costs for them by 20%
Fraudulent claims has gone down to zero.
50,000 + customers using this feature to file their
claims till date.
Consumer
is the king!
Consume
r is a
king!

7. The Industry is happy as well
Eliminates
human need
for interventions
Cost to insurer
down by 20%
Cost
Saving
s

8. Impact in numbers since the launch of this feature
Zero
Consumer
Complaints
where
process is
applied
Turn around
time reduced
from 3-5
days
to 3-5 hours
20% cost
saving for
insurer
Acceptability:
50,000
+customers have
used this
innovation to file
claims

9. Media Stories

10. Insurance Innovation Category
Self-Inspection Feature for renewing lapse motor
insurance
The Digital Insurer Global Livefest Award
2018
WINNER