The Indian motor insurance marketplace has noted a clear shift towards remote ‘Do-It-Yourself’ checks and Inspection as a Service as a result of COVID-19 which has necessitated moving away from physical vehicle inspections. During the lockdown Insurtech WIMWIsure has conducted more than 2 lakh virtual inspections for passenger and commercial vehicles through its on-demand Artificial Intelligence (AI) enabled video inspection platform in Financial Year 2020-21.
The company launched in 2017, saw the bulk of its 3.5lakh+ inspections till date during the lockdown with a strong demand from Tier 2-3 cities for mid-range SUVs, sedans and hatchbacks. Interestingly, the luxury car segment, which is typically chauffer driven also witnessed a surging demand for the self-service technology, indicating remote video inspections becoming popular across all categories of vehicle owners.
In the commercial segment, the demand was seen from insurance providers to support frontline COVID workers for essentials delivery trucks in particular.
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The enterprise tech is disrupting the asset insurance industry with API enabled Inspection-as -a-Service to evaluate risk and losses using automation and Machine Learning (ML) and provide instant validation of information from vehicle inspections, repairs, vehicle databases and claim settlements.
The Insurtech streamlines the entire value chain by eliminating manual customer on-boarding, sales, physical risk inspection/surveys and underwriting decisions. Using ML algorithms and computer vision solution, WIMWIsure reduces cost associated with administration, distribution or those related to policy issuance and claims by up to 70 per cent for the insurer.
WIMWIsure Founder & CEO Ravinder Kumar said, “Our operations have turned profitable in the last financial year with a huge demand for our mobile and AI services coming from vehicle owners, Insurance Brokers and General Insurers during the lockdown. The pandemic has accelerated the shift from everything manual, laborious, time consuming to real time, DIY and quick methods especially in the insurance industry which is otherwise a process and paper intensive sector. We are already witnessing rising demand for our self-inspections services as COVID continues to affect movement of people even in 2021. As we continue to build on our video inspection services, we are also geared to launch automated claim servicing and management tool in India and other similar Asian markets.”
Founded by the IIM Ahmedabad Alumnus, WIMWIsure raised seed funding of INR 18 million earlier this year from angels including Yatra Angel Network (YAN) Advisor Abhishant Pant, Paysense Co-founder Sayali Karanjkar and Beta Plus Capital.
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YAN Founder Abhishant Pant said, “WIMWISure is rightfully positioned as market leader in everything that is insurable asset from motor to home to mobile to all the way up to cattle insurance. We at YAN will continue to support them in catalysing this journey.”
WIMWIsure has partnered with 10+ prominent General Insurers, 15+ direct insurance brokers and 20,000+ intermediaries to streamline, expedite policy issuance and after-sale services across India.
The technology stack automates inspection of insurable assets in real time using photos and videos submitted by the policy buyers. Over 2.5 million photos and videos have been uploaded on the platform for motor inspection in 2020-21.
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