Roadzen Expands its AI Based Claims Contract with One of the Top 10 P&C Insurers in India
Roadzen Inc. (NASDAQ: RDZN) announced an expansion of its AI-powered claims processing contract with National Insurance Company (NICL), one of India's top 10 P&C insurers. Following successful implementation across 10 regional offices, NICL is extending Roadzen's XClaim platform to 4 additional offices effective January 1, 2025.
NICL, which processes approximately 200,000 claims annually, selected Roadzen as a Digital Service Provider after a comprehensive RFP process. The evaluation was conducted by four government-owned auto insurance carriers representing 32% of India's automobile insurance market, which grows approximately 18% annually. These carriers collectively process about 1.4 million automobile claims yearly.
Roadzen's XClaim platform enables touchless, real-time claims resolution using computer vision, eliminating the need for manual surveyor visits and providing instant estimates and approvals through photos, videos, or real-time streaming.
Roadzen Inc. (NASDAQ: RDZN) ha annunciato un'espansione del suo contratto di elaborazione delle richieste di risarcimento basato su intelligenza artificiale con la National Insurance Company (NICL), uno dei primi 10 assicuratori di P&C in India. A seguito di un'implementazione di successo in 10 uffici regionali, NICL estenderà la piattaforma XClaim di Roadzen a 4 ulteriori uffici a partire dal 1° gennaio 2025.
NICL, che elabora circa 200.000 richieste di risarcimento all'anno, ha scelto Roadzen come Fornitore di Servizi Digitali dopo un completo processo di RFP. La valutazione è stata condotta da quattro compagnie di assicurazione auto di proprietà statale che rappresentano il 32% del mercato dell'assicurazione auto in India, che cresce di circa il 18% all'anno. Queste compagnie elaborano complessivamente circa 1,4 milioni di richieste di risarcimento auto all'anno.
La piattaforma XClaim di Roadzen consente una risoluzione delle richieste di risarcimento senza contatto e in tempo reale utilizzando la visione artificiale, eliminando così la necessità di visite di periti manuali e fornendo stime e approvazioni istantanee tramite foto, video o streaming in tempo reale.
Roadzen Inc. (NASDAQ: RDZN) anunció una expansión de su contrato de procesamiento de reclamaciones impulsado por inteligencia artificial con National Insurance Company (NICL), una de las 10 principales aseguradoras de P&C en India. Tras una implementación exitosa en 10 oficinas regionales, NICL está ampliando la plataforma XClaim de Roadzen a 4 oficinas adicionales a partir del 1 de enero de 2025.
NICL, que procesa aproximadamente 200,000 reclamaciones anuales, seleccionó a Roadzen como Proveedor de Servicios Digitales después de un exhaustivo proceso de RFP. La evaluación fue realizada por cuatro compañías de seguros de automóviles de propiedad estatal que representan el 32% del mercado de seguros de automóviles en India, el cual crece aproximadamente un 18% anualmente. Estas compañías procesan colectivamente alrededor de 1.4 millones de reclamaciones de automóviles al año.
La plataforma XClaim de Roadzen permite una resolución de reclamaciones sin contacto y en tiempo real utilizando visión por computadora, eliminando la necesidad de visitas manuales de peritos y proporcionando estimaciones y aprobaciones instantáneas a través de fotos, videos o transmisión en tiempo real.
로드젠 주식회사 (NASDAQ: RDZN)은 인도의 상위 10대 P&C 보험사 중 하나인 내셔널 보험 회사(NICL)와의 AI 기반 청구 처리 계약을 확장한다고 발표했습니다. 10개 지역 사무소에서 성공적인 구현 후, NICL은 2025년 1월 1일부터 로드젠의 XClaim 플랫폼을 4개 추가 사무소로 확대할 예정입니다.
NICL은 연간 약 200,000건의 청구를 처리하며, 포괄적인 RFP 절차를 거쳐 로드젠을 디지털 서비스 제공업체로 선정했습니다. 평가는 인도의 자동차 보험 시장의 32%를 차지하는 4개의 국유 자동차 보험사에 의해 실시되었으며, 이 시장은 매년 약 18% 성장하고 있습니다. 이 보험사들은 연간 약 140만 건의 자동차 청구를 처리합니다.
로드젠의 XClaim 플랫폼은 컴퓨터 비전을 사용하여 비접촉식 실시간 청구 해결을 가능하게 하여, 수동 조사자 방문의 필요성을 없애고 사진, 비디오 또는 실시간 스트리밍을 통해 즉각적인 견적 및 승인을 제공합니다.
Roadzen Inc. (NASDAQ: RDZN) a annoncé une extension de son contrat de traitement des sinistres alimenté par l'IA avec la National Insurance Company (NICL), l'un des 10 premiers assureurs de P&C en Inde. Suite à une mise en œuvre réussie dans 10 bureaux régionaux, NICL étendra la plateforme XClaim de Roadzen à 4 bureaux supplémentaires à compter du 1er janvier 2025.
NICL, qui traite environ 200 000 sinistres par an, a sélectionné Roadzen comme fournisseur de services numériques après un processus d'appel d'offres complet. L'évaluation a été réalisée par quatre assureurs automobiles détenus par l'État, représentant 32 % du marché de l'assurance automobile en Inde, qui croît d'environ 18 % par an. Ces assureurs traitent collectivement environ 1,4 million de sinistres automobiles par an.
La plateforme XClaim de Roadzen permet une résolution des sinistres sans contact et en temps réel grâce à la vision par ordinateur, éliminant ainsi le besoin de visites manuelles de vérificateurs et fournissant des estimations et des approbations instantanées par le biais de photos, vidéos ou diffusions en direct.
Roadzen Inc. (NASDAQ: RDZN) hat eine Erweiterung seines KI-gestützten Schadenbearbeitungsvertrags mit der National Insurance Company (NICL) angekündigt, einem der 10 größten P&C-Versicherer Indiens. Nach erfolgreicher Implementierung in 10 regionalen Büros wird NICL die XClaim-Plattform von Roadzen zum 1. Januar 2025 auf 4 weitere Büros ausweiten.
NICL, das jährlich etwa 200.000 Schäden bearbeitet, wählte Roadzen nach einem umfassenden RFP-Prozess als digitalen Dienstleister aus. Die Bewertung erfolgte durch vier staatliche Kfz-Versicherer, die 32 % des indischen Kfz-Versicherungsmarktes repräsentieren, der jährlich um etwa 18 % wächst. Diese Versicherer bearbeiten gemeinsam etwa 1,4 Millionen Automobileinreichungen pro Jahr.
Die XClaim-Plattform von Roadzen ermöglicht eine kontaktlose, sofortige Schadensregulierung mithilfe von Computer Vision, wodurch die Notwendigkeit von manuellen Gutachterbesuchen entfällt und durch Fotos, Videos oder Live-Streaming sofortige Schätzungen und Genehmigungen bereitgestellt werden.
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NEW YORK, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Roadzen Inc. (Nasdaq: RDZN) ("Roadzen" or the "Company”), a global leader in AI at the convergence of insurance and mobility, today announced that its existing client National Insurance Company Ltd. (“NICL”) has expanded the geographical scope for Roadzen’s AI powered XClaim Product. NICL has a total of 34 Regional Offices, of which 10 joined Roadzen’s AI-powered XClaim platform. Based upon strong performance, NICL has expanded its contract with Roadzen to include an additional 4 regional offices, effective January 1, 2025.
Roadzen was selected as a Digital Service Provider (“DSP") for processing AI based claims after successfully completing a comprehensive vetting of NICL’s Request for Proposal (“RFP”) process. The evaluation process was carried out by an association of four government owned auto insurance carriers that account for an approximate
Collectively, the four Indian Government owned insurers manually process an estimated 1.4 million automobile claims each year. The RFP was issued to assess the feasibility of upgrading to digital claims processing. Government-owned NICL processes approximately 200,000 claims annually. NICL’s assessment is ongoing, with periodic opportunities to alter claims processing allocations based upon which provider demonstrates superior processing speed, reduced loss ratios and improved customer experience.
Roadzen is uniquely positioned to increase its share of NICL’s claims processing business through its claims platform called XClaim, which is a digital, touchless, real-time claims resolution from first notice of loss (FNOL) through settlement, using computer vision. By utilizing XClaim, the claims can be settled faster by removing manual visits by traditional surveyors. Surveys are conducted remotely using photos, videos or real-time streaming from which real-time estimates and approvals are generated. Once the claim is serviced, instant final reports are shared with the insurer to complete the claim and make the payments.
This shift to AI-powered claims processing will not only benefit insurers but also policyholders by expediting the claims process and offering a more streamlined experience.
Rohan Malhotra, founder and CEO of Roadzen commented, “We are pleased that NICL has experienced a successful launch with our XClaim platform and, within just a few months, has already expanded our contract. This marks an important validation of our technology and how AI is fundamentally transforming the claims process. Our XClaim platform has consistently demonstrated a dramatic increase in the speed of claims processing while saving money by providing more precise estimates with less overhead and virtually little opportunity for slippage or fraud. We believe we are the future of AI-powered claims operations, and this expansion by one of India’s largest insurers further reinforces that belief.”
For more information about Roadzen Inc. please visit https://roadzen.ai/
About Roadzen Inc.
Roadzen Inc. (Nasdaq: RDZN) is a global technology company transforming auto insurance using advanced artificial intelligence (AI). Thousands of clients, from the world’s leading insurers, carmakers and fleets to dealerships and auto insurance agents, use Roadzen’s technology to build new products, sell insurance, process claims, and improve road safety. Roadzen’s pioneering work in telematics, generative AI, and computer vision has earned Roadzen recognition as a top AI innovator by publications such as Forbes, Fortune and Financial Express. Roadzen’s mission is to continue advancing AI research at the intersection of mobility and insurance, ushering in a world where accidents are prevented, premiums are fair, and claims are processed within minutes, not weeks. Headquartered in Burlingame, California, the Company has 360 employees across its global offices in the U.S., India, U.K. and France. To learn more, please visit www.roadzen.ai.
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FAQ
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