Everyday AI Podcast – An AI and ChatGPT Podcast

EP 355: How AI is Transforming Auto Insurance and Road Safety

Sep 11, 2024
Guest
Rohan Malhotra
Rohan Malhotra, Founder and CEO of Roadzen, shares his insights on how AI is revolutionizing the auto insurance landscape. He discusses how AI can predict accidents and streamline claims processes, ultimately enhancing road safety. The conversation delves into challenges within the stagnant industry and highlights AI's role in personalizing services and assessing driving behaviors. With advancements in computer vision technology, the potential for reducing human error and improving outcomes in commercial fleets is also explored.
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INSIGHT

Antiquated Auto Insurance

  • The auto insurance industry is antiquated, clinging to outdated pricing and claims processes.
  • Rate hikes lag behind real-time changes, contributing to inflation.
INSIGHT

Industry Inefficiencies

  • Insurers update pricing models every 3-4 years, failing to capture real-time changes in driver behavior.
  • Claims processing takes six weeks, involving manual reports and approvals, creating a painful customer experience.
ADVICE

AI-Driven Solutions

  • Use AI to personalize insurance premiums based on real-time driving data like speed, braking, and location.
  • Process claims in under two minutes using AI-powered video analysis and automated damage assessment.
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