On The Spot Motor Claim Settlement by Bajaj Allianz General Insurance Qorus Innovation in Insurance Awards 2023

Bajaj Allianz General Insurance uses a technical algorithm called Quick Motor Claims Settlement to speed up the claims settlement process for motor insurance claims. This algorithm uses artificial intelligence and machine learning to assess the damages to a vehicle and calculate the cost of repairs in real-time. The customer files a motor insurance claim with Bajaj Allianz General Insurance, either online or through their customer service centre. The customer is then directed to the nearest garage, which is part of Bajaj Allianz's network of garages. At the garage, a surveyor appointed by Bajaj Allianz uses a mobile app to take photos and videos of the damaged vehicle. The photos and videos are then analyzed by the Quick Motor Claims Settlement algorithm, which uses machine learning to assess the damage's extent and calculate the repair cost. If the cost of repairs is within a certain threshold, the claim is settled on the spot, and the customer is notified immediately. If the cost of repairs exceeds the threshold, the claim is referred to a Bajaj Allianz representative for further assessment and settlement. Quick Motor Claims Settlement allows Bajaj Allianz General Insurance to settle claims quickly and efficiently, reducing the time and hassle for customers.