Business
Roadzen’s xClaim Platform Selected by Top 6 Indian P&C Insurer to Bring AI to Claims Processing
Oriental Insurance Company Limited (OICL), one of the leading Property & Casualty insurance carriers in India, partners with Roadzen for advanced claims
About this update from Roadzen, Inc.
[{"type":"text","content":"Oriental Insurance Company Limited (OICL), one of the leading Property & Casualty insurance carriers in India, partners with Roadzen for advanced claims management\nNEW 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 32% of the market share of the Indian auto insurance industry and process an estimated 1.4 million auto claims each year. 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 25% of the annual claims volume for OICL. 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 ...