India’s largest private sector non-life insurance company, ICICI Lombard, has added yet another milestone in its journey by launching InstaSpect, a pioneering live video inspection and instant claims approval feature for motor insurance claims. This is the first time in India that such an innovation has been launched for processing motor insurance claims. InstaSpect will hugely benefit ICICI Lombard motor insurance customers, as it enables a host of advantages. For example, it allows on-the-spot vehicle inspection, which significantly reduces waiting time. InstaSpect will also help improve transparency and allow customers to get clarity on coverage and deductions. Using InstaSpect, ICICI Lombard motor insurance customers can achieve faster claims settlement. It also allows them to get prompt assistance from vehicle pick-up services.
One of the good things about the InstaSpect live video claims processing feature is that it is quite easy to use. With the InstaSpect feature, ICICI Lombard motor insurance customers can raise an instant claim through the company’s ‘insure’ mobile app. The only thing that customers need to do is stream a live video of the damaged vehicle. The live video will be accessed by an ICICI Lombard claims manager, who will then make an assessment of the damages caused to the vehicle. After this, the claims manager will inform the customer about the quantum of damage and liability, documentation that may be required and the next steps. The customer will have the option to accept the damage assessment made by the claims manager. If the customer accepts the damage assessment, the claim’s manager can instantly approve the claim and start the vehicle damage repair process.
It’s highly unlikely that a customer would face any problems when using InstaSpect, since the claims manager will be online to assist them. The claims manager would guide customers on how to take the video to properly cover the damaged sections of the vehicle. Earlier, vehicle damage inspections and claims settlement would take several days, but with InstaSpect, ICICI Lombard has reduced the claims processing time to just a few hours.
Due to its user-friendly features and instant claim approval capabilities, InstaSpect has received a good response from customers. ICICI Lombard recently conducted a survey of InstaSpect involving 810 vehicle users who were in the age group of 25 to 55. In the survey, as many as 94 percent respondents said that they liked the concept and would definitely use it. More than 50 percent of respondents said that InstaSpect was revolutionary in the industry and quite an interesting feature.
At the launch of InstaSpect, Sanjeev Mantri, Executive Director of ICICI Lombard General Insurance said, “At ICICI Lombard, we have always strived to challenge the status quo and provide the best in class experience to our customers by using the latest technology solutions. Through this new age motor insurance claims feature ‘InstaSpect’ on our ‘insure’ app, we have made the claims approval process far more efficient and hassle free for the benefit of our customers.”