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Policybazaar.com Launches Self Video Cashless Claims Feature for Motor InsurancePSU Insurers first ones to adopt New Tech, want to make claims easy & faster for Consumer | ||
Gurgaon, Haryana, India Policybazaar.com (twitter handle: @policybazaar), world's leading insurtech brand, and India’s largest insurance website and comparison portal, has launched a new version of self-video cashless claims feature on its app for easy and faster claims processing & settlement.
Policybazaar.com - Self Video Cashless Claim
With the human element of in-person inspection done away with and process largely automated, it significantly improves on the efficiency of the process, with the intent being to improve the overall consumer experience around the settlement of claims, a pain point for the industry in the past.
The feature also provides with real-time updates to customers on the progress of their claims, which can be tracked through ‘my account’ section on the Policybazaar.com website or App.
To further strengthen the process, the company is also running a pilot on Artifical Intelligence (AI) being used to assess the estimate of the damage and quotation of repairs, which was earlier being provided only by the garage.
For the uninitiated, the new version builds on the first version that helped consumers to renew lapsed motor insurance by using the self-inspection video feature. The first version has won industry accolades for making renewal a matter a few hours for lapsed cases and reducing cost on the whole process.
About Policybazaar.com PolicyBazaar.com is India's largest insurance marketplace. It has backing from a host of investors including the likes of Soft Bank, InfoEdge (Naukri.com), Temasek, Tiger Global Management, True North, Premji Invest, besides investments from other PE funds and family offices. The portal started with a purpose to educate people on insurance products and has had a significant influence on how insurance is bought in India. It has helped in driving penetration of pure life insurance, health insurance, and such products which were barely bought earlier. From receiving traffic of 1,80,000 visitors in 2008, PolicyBazaar.com has come a long way and today hosts over 100 million visitors yearly and records sale of nearly 3,00,000 transactions a month. Currently, PolicyBazaar.com accounts for nearly 25% of India’s life cover, and over 7% of India’s retail health business. It accounts for roughly half of all internet based insurance purchase in the country and is more than doubling annually.
We have received several accolades in India and globally. The most noteworthy being recognized as India’s top and world’s leading “Fin Tech Innovator” by the Global consultancy firm, KPMG and venture capital fund, H2 Ventures for 2015 & 2016. It has won a range of awards in the last couple of years, many of them consecutively. These include The Financial Express “Best Fintech Marketplace”, Internet & amp; Mobile Association of India (IAMAI) Digital India Award for “Best Financial Website” &; “Most Innovating Insurance Service”, IDC Iconic Award for “Tech Implementation leading to Operational Excellence”, to name a few. |
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