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AI enabled Solution to Automate Motor claim Settlements

Published on November 04, 2020
Current Context: HDFC Ergo General Insurance has launched an Artificial Intelligence (AI) based tool to automate motor claim settlements.
AI enabled Solution to Automate Motor claim Settlements
  • The name of the AI tool by HDFC Ergo is IDEAS (Intelligent Damage detection Estimation and Assessment Solution).  
  • AI tool IDEAS is based on Neural Network image processing & Analytics, Machine Learning and Natural Language. These advances features in AI tool will support instant damage detection and will calculate claims for same for the surveyors to help in motor claims settlement in real-time.
  • The AI tool is trained and developed using more than 3,00,000 images from last 2 years and is integrated in the surveyor mobile app.
  • The IDEAS AI tool of HDFC Ergo will improve the efficiency of surveyor by speeding up the claims process.
  • The entire process is conducted under three main functions which will read vehicle number, make of the vehicle and its model, the second function is to detect the vehicle parts, damaged parts and severity of damaged parts. The third function is auto assess or estimation of claim amount depending upon the severity of motor damage using AI-assisted intelligent rate masters.
  • This AI tool IDEAS, also proves beneficial as it minimizes the risk of fraudulent claims.
  • Static Part: 
    • HQ of HDFC Ergo: Mumbai
    • MD and CEO of HDFC Ergo: Ritesh Kumar

Question: 

Q.1 Who among the following launched the AI tool named as IDEAS (Intelligent Damage detection Estimation and Assessment Solution)?
a. Bajaj Allianz General Insurance
b. HDFC Ergo General Insurance
c. IFFCO Tokio General Insurance
d. TATA AIG
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