Roadzen Expands its AI Based Claims Contract with One of the Top 10 P&C Insurers in India

Rhea-AI Summary

Roadzen Inc. (NASDAQ: RDZN) announced an expansion of its AI-powered claims processing contract with National Insurance Company (NICL), one of India's top 10 P&C insurers. Following successful implementation across 10 regional offices, NICL is extending Roadzen's XClaim platform to 4 additional offices effective January 1, 2025.

NICL, which processes approximately 200,000 claims annually, selected Roadzen as a Digital Service Provider after a comprehensive RFP process. The evaluation was conducted by four government-owned auto insurance carriers representing 32% of India's automobile insurance market, which grows approximately 18% annually. These carriers collectively process about 1.4 million automobile claims yearly.

Roadzen's XClaim platform enables touchless, real-time claims resolution using computer vision, eliminating the need for manual surveyor visits and providing instant estimates and approvals through photos, videos, or real-time streaming.

NEW YORK, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Roadzen Inc. (Nasdaq: RDZN) ("Roadzen" or the "Company”), a global leader in AI at the convergence of insurance and mobility, today announced that its existing client National Insurance Company Ltd. (“NICL”) has expanded the geographical scope for Roadzen’s AI powered XClaim Product. NICL has a total of 34 Regional Offices, of which 10 joined Roadzen’s AI-powered XClaim platform. Based upon strong performance, NICL has expanded its contract with Roadzen to include an additional 4 regional offices, effective January 1, 2025.

Roadzen was selected as a Digital Service Provider (“DSP") for processing AI based claims after successfully completing a comprehensive vetting of NICL’s Request for Proposal (“RFP”) process. The evaluation process was carried out by an association of four government owned auto insurance carriers that account for an approximate 32% share of the India automobile insurance market, which has been growing roughly 18% annually.

Collectively, the four Indian Government owned insurers manually process an estimated 1.4 million automobile claims each year. The RFP was issued to assess the feasibility of upgrading to digital claims processing. Government-owned NICL processes approximately 200,000 claims annually. NICL’s assessment is ongoing, with periodic opportunities to alter claims processing allocations based upon which provider demonstrates superior processing speed, reduced loss ratios and improved customer experience.

Roadzen is uniquely positioned to increase its share of NICL’s claims processing business through its claims platform called XClaim, which is a digital, touchless, real-time claims resolution from first notice of loss (FNOL) through settlement, using computer vision. By utilizing XClaim, the claims can be settled faster by removing manual visits by traditional surveyors. Surveys are conducted remotely using photos, videos or real-time streaming from which real-time estimates and approvals are generated. Once the claim is serviced, instant final reports are shared with the insurer to complete the claim and make the payments.

This shift to AI-powered claims processing will not only benefit insurers but also policyholders by expediting the claims process and offering a more streamlined experience.

Rohan Malhotra, founder and CEO of Roadzen commented, “We are pleased that NICL has experienced a successful launch with our XClaim platform and, within just a few months, has already expanded our contract. This marks an important validation of our technology and how AI is fundamentally transforming the claims process. Our XClaim platform has consistently demonstrated a dramatic increase in the speed of claims processing while saving money by providing more precise estimates with less overhead and virtually little opportunity for slippage or fraud. We believe we are the future of AI-powered claims operations, and this expansion by one of India’s largest insurers further reinforces that belief.”

For more information about Roadzen Inc. please visit https://roadzen.ai/

About Roadzen Inc.

Roadzen Inc. (Nasdaq: RDZN) is a global technology company transforming auto insurance using advanced artificial intelligence (AI). Thousands of clients, from the world’s leading insurers, carmakers and fleets to dealerships and auto insurance agents, use Roadzen’s technology to build new products, sell insurance, process claims, and improve road safety. Roadzen’s pioneering work in telematics, generative AI, and computer vision has earned Roadzen recognition as a top AI innovator by publications such as Forbes, Fortune and Financial Express. Roadzen’s mission is to continue advancing AI research at the intersection of mobility and insurance, ushering in a world where accidents are prevented, premiums are fair, and claims are processed within minutes, not weeks. Headquartered in Burlingame, California, the Company has 360 employees across its global offices in the U.S., India, U.K. and France. To learn more, please visit www.roadzen.ai.

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FAQ

How many new regional offices will RDZN's XClaim platform expand to in January 2025?

Roadzen's XClaim platform will expand to 4 additional regional offices of NICL, effective January 1, 2025, bringing the total to 14 offices.

What is the annual claims volume that NICL processes?

National Insurance Company (NICL) processes approximately 200,000 claims annually.

What market share do the four government-owned auto insurance carriers hold in India?

The four government-owned auto insurance carriers account for approximately 32% of India's automobile insurance market.

How does Roadzen's XClaim platform process insurance claims?

XClaim processes claims through digital, touchless, real-time resolution using computer vision, enabling remote surveys through photos, videos, or real-time streaming, generating real-time estimates and approvals without manual surveyor visits.

What is the growth rate of India's automobile insurance market?

India's automobile insurance market has been growing at approximately 18% annually.