Universal Sompo introduces AI powered tools for faster motor claim settlements

Universal Sompo has launched its intelligent tools, ‘Universal i Assess’ & ‘Universal i Gen’, designed for faster motor claims settlement. These advanced solutions empower surveyors to instantly assess damages and calculate claims estimates in real time, significantly speeding up the claims process.

Universal Sompo is a JV of Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments, and Sompo Japan Insurance Inc.

‘Universal i Assess’ leverages neural network image processing, analytics, machine learning, and natural language processing to facilitate seamless real-time assessments. Surveyors can simply use their phone to capture images of the vehicle damage. The system then takes over, leveraging the power of artificial intelligence.

Neural networks analyses the photos to identify the vehicle's details like vehicle number, make, model, and pinpoint the damaged areas. Advanced algorithms assess the severity of the damage for each part and provides an auto-assessed claims estimate. This system not only accelerates claim settlements but also minimizes the risk of fraudulent claims. Integrated with the surveyor app, it allows for efficient processing of motor-own damage claims through mobile phones, providing surveyors with a powerful tool to enhance their workflow.

‘Universal i Gen’, another cutting-edge tool with AI & ML capabilities, offers policyholders a real-time update of claims through IVR calling and various other digital platforms like WhatsApp, a 360-degree view of the claim through various digital integration for streamlining process aiming to transform customer journey into delight.

"At Universal Sompo, we're constantly inventing programs to enhance the claims processes for our policyholders”, said Sharad Mathur, MD and CEO. He further commented, “This AI system is another step forward. By using unconventional, state-of-the-art technology, we can break down communication barriers between all stakeholders involved in entire claims process, leading to seamless settlements”.