Policybazaar Launches Self Video Cashless Claims Feature
A year after the launch of its self-inspection feature for lapsed auto insurance policies, Policybazaar is announcing the launch of self-video cashless claims to expedite claim settlements. The Idea – allow consumers to avoid physical inspection by uploading a video through the app for evaluation of damages on a vehicle. A “big deal” given that in India, it’s estimated that for every 100 policies, there are roughly about 15 of those that go for claims, and these require physical inspection of the vehicle and documentation, which takes anywhere between two to three working days.
New India Assurance and United India Insurance are the first insurers to adopt this feature to offer settlement of accidental claims using the Policybazaar app.
“Customer-centricity is ingrained in the DNA of our organization’s ethos. Continuing on our journey to make insurance a seamless experience we have launched this new PB Claims feature. The app is expected to reduce the timeline of approval/ non-repair timelines from two days to two hours.” – Cofounder & CEO, Policybazaar Group of Companies, Yashish Dahiya.
The feature also provides real-time updates to customers on the progress of their claims, which can be tracked through ‘my account’ section on the Policybazaar site or app. Last, Policybazaar is piloting the use of AI to assess the estimate of the damage.
