Roadzen's xClaim Platform Selected by Top 6 Indian P&C Insurer to Bring AI to Claims Processing

Company Overview - Oriental Insurance Company Limited (OICL) is a public sector insurance company fully owned by the Government of India, established in 1947, and headquartered in New Delhi [2] - OICL operates 29 regional offices and nearly 1,100 offices across India and has international operations in Nepal, Kuwait, and Dubai, employing over 8,000 people [2] - In the fiscal year 2023-2024, OICL reported a gross direct premium of approximately $2.3 billion, reflecting a year-on-year growth of 17% [2] Claims Processing Upgrade - OICL issued a Request for Proposal (RFP) to explore upgrading to a fully digital infrastructure for claims processing, handling approximately 200,000 claims annually [3] - The company plans to implement automated allocation of claims to digital service providers (DSP) starting July 1, 2024, with Roadzen expected to process roughly 25% of OICL's annual claims volume [3] Roadzen's Technology - Roadzen's xClaim platform offers digital, touchless, and real-time claims resolution, utilizing computer vision for damage assessment and AI for triage, which allows for faster and cheaper claims settlements without in-person assessments [4] - The platform enables remote surveys through photos, videos, or real-time streaming, generating real-time estimates and approvals, and sharing instant final reports with insurers [4] Partnership Impact - Sunita Gupta, General Manager at OICL, emphasized that leveraging technology enhances customer experience and operational efficiency, allowing for quicker claims approvals and reducing fraud [8] - The partnership with Roadzen aims to improve visibility in the claims process and eliminate inefficiencies associated with manual processing [8] Market Position - Roadzen was selected after a thorough review process by the association of four Indian Government-owned auto insurance carriers, which collectively account for approximately 32% of the Indian auto insurance market and process an estimated 1.4 million auto claims annually [7] - Rohan Malhotra, CEO of Roadzen, highlighted that being chosen for this contract validates their technology and positions them as a leader in next-generation claims technology for auto carriers [12]