Roadzen’s xClaim Platform Selected by Top 6 Indian P&C Insurer to Bring AI to Claims Processing
Roadzen, a leader in AI-driven insurance solutions, announced that its xClaim platform has been selected by Oriental Insurance Company (OICL), a top Indian property and casualty insurer, to digitize its claims processing. Effective July 1, 2024, Roadzen's AI technology will handle about 25% of OICL’s annual 200,000 claims, leveraging computer vision and AI for faster, cost-effective, and touchless claims resolution. The partnership aims to reduce claim turnaround time, lower loss ratios, and enhance customer experience. This collaboration is a significant endorsement of Roadzen's technology, positioning it as a frontrunner in the digital transformation of claims processing.
- Roadzen's xClaim platform selected by OICL, a leading Indian insurer.
- Roadzen to process approximately 25% of OICL’s 200,000 annual claims.
- Partnership aims to reduce claim turnaround time and improve customer experience.
- AI-powered claims processing expected to lower costs and prevent fraud.
- xClaim platform provides real-time, touchless claims resolution.
- Initial implementation covers only 25% of OICL's annual claims, indicating scope.
Insights
Roadzen’s xClaim platform represents a significant leap forward in the integration of AI with claims processing. The utilization of computer vision and AI for damage assessment expedites the settlement process, providing real-time estimates and approvals, which is a notable advancement over traditional methods that require in-person assessment. The platform's ability to conduct surveys remotely using photos, videos, or real-time streaming not only speeds up the process but also reduces overhead. This technological innovation reflects a broader industry trend toward digitalization, aiming to enhance efficiency and customer satisfaction.
Moreover, xClaim’s approach to preventing fraud and leakages through its AI capabilities is particularly significant. Fraud detection is a critical issue in the insurance industry and leveraging AI to mitigate this can lead to substantial cost savings and improved trust in the claims process.
For retail investors, understanding the technological edge of Roadzen’s platform provides insights into the competitive advantages Roadzen might hold over other market players. Investing in companies leading in AI advancements can be strategically beneficial, considering the potential for widespread industry adoption.
Roadzen’s engagement with Oriental Insurance Company Limited (OICL) is a strategic move that opens doors to a substantial market in India's insurance industry. The collective market share of approximately 32% held by the four government-owned carriers underscores the potential scale of this partnership. With OICL's decision to initially implement xClaim for 25% of its annual claims volume, the revenue prospects for Roadzen seem promising.
From a market perspective, the successful implementation with OICL could serve as a case study, potentially leading to similar adoptions by other large insurers, both within India and globally. The emphasis on improved customer experience and operational efficiency aligns with broader market demands, making Roadzen’s platform an attractive solution for insurers looking to modernize.
Investors should note the potential for further market penetration and revenue growth if Roadzen can demonstrate measurable improvements in claims processing times and cost savings. Additionally, as insurers increasingly prioritize digital transformation, Roadzen's early entry and proven technology could position it as a leader in this niche market.
The partnership between Roadzen and Oriental Insurance Company Limited (OICL) presents notable financial implications. By transitioning to Roadzen's xClaim platform, OICL aims to achieve significant cost reductions through more precise estimates and less overhead. This aligns with broader industry trends where efficiency and cost control are paramount.
For investors, evaluating the financial projections associated with this partnership is crucial. The initial processing of 25% of OICL's annual claims volume translates to approximately 50,000 claims. If successful, this could increase, leading to substantial recurring revenue from OICL and potential additional revenue streams from the other three government-owned insurers.
Furthermore, the AI-driven approach to reducing loss ratios and preventing fraud can directly impact Roadzen’s profitability. Reduced fraud translates to lower claim payouts, enhancing margins. Investors should monitor the financial reports for tangible results from this partnership, as they could signal broader adoption and increased profitability for Roadzen.
Oriental Insurance Company Limited (OICL), one of the leading Property & Casualty insurance carriers in India, partners with Roadzen for advanced claims management
NEW YORK, June 25, 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 it has been chosen to provide claims processing using its AI-powered xClaim product for the Indian Government-owned Oriental Insurance Company Ltd.
Roadzen was selected after an exhaustive review following a Request for Proposal (RFP) process carried out by the association of the four Indian Government-owned auto insurance carriers. Collectively, these four carriers account for approximately
The RFP was issued to assess the opportunity to upgrade to a fully digital infrastructure for claims processing. OICL processes approximately 200,000 claims annually and is the first to implement automated allocation of claims to digital service providers (DSP), effective July 1, 2024. OICL’s assessment was based on claims turnaround time, reduction of loss ratios, and improvement in customer experience. Initially, it is estimated that Roadzen will start processing roughly
Roadzen’s xClaim platform provides digital, touchless, and real-time claims resolution from first notice of loss through settlement, using computer vision for damage assessment and AI for triage. By utilizing xClaim, claims can be settled faster and cheaper without needing in-person loss assessment. 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. The shift to AI-powered claims processing not only benefits insurers but also policyholders by expediting the claims process and offering a more transparent and streamlined experience.
Rohan Malhotra, founder and CEO of Roadzen, commented, “Being chosen among several contenders for this contract by Oriental Insurance is a massive validation of our technology. We believe our platform is firmly at the forefront of next-generation claims technology for auto carriers; xClaim will make a meaningful difference in claims processing by not only dramatically increasing the speed of claims processing but also delivering a simple, streamlined protocol for customers in a time of need. Our platform saves money by providing more precise estimates with less overhead and virtually little opportunity for slippage or fraud. We are thankful to the team at Oriental Insurance for this partnership and believe that as insurers all over the world look to digitize their claims operations, Roadzen will be an incredible partner to them for implementing a better customer experience.”
Sunita Gupta, General Manager of Motor and Information Technology at Oriental Insurance, commented, “Leveraging technology to speed up our claims process to accomplish approvals in minutes and hours, instead of days and weeks, greatly enhances customer experience while inducting operating efficiencies. Partnering with Roadzen has enabled OICL to prevent fraud and leakages as claims are settled remotely using technology. xClaim also allows OICL to have full visibility on the claims process in real-time, enabling its regional and local offices to better serve their policyholders. By automating the claims allocation to all four DSPs, OICL is removing the inefficiency and bias of manual processing in claims allocation. We want to be at the forefront of digitalization and be a technology-driven company to serve its customers, intermediaries, and partners, and this partnership helps us get there.”
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 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 400+ employees across its global offices in the US, India, UK, and France. To learn more, please visit www.roadzen.ai
About Oriental Insurance Company Ltd.
Founded in 1947, Oriental Insurance Company Limited is a public sector insurance company fully owned by the Government of India. It is a leading non-life insurance company in the country and is headquartered in New Delhi. OICL has 29 regional offices and nearly 1,100 operating offices in various cities across the country and overseas operations in Nepal, Kuwait, and Dubai. OICL employs over 8,000 people. In the fiscal year 2023-2024, OICL reported a gross direct premium of approximately
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FAQ
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