Company: Roadzen, Burlingame, CA
Nomination Submitted by: Gutenberg
Company Description: Roadzen is a global insurtech company on a mission to transform auto insurance through the power of advanced AI. They provide a platform used by major insurers, fleets, carmakers, and even small businesses. This platform utilizes telematics and computer vision to improve various aspects of auto insurance. For insurers, Roadzen's technology allows for better risk assessment during underwriting,
Nomination Category: Product & Service Categories - Business Technology Solutions
Nomination Sub Category: Insurance Solution
 Nomination Title: xClaim
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
A new version of Roadzen’s existing product, xClaim was launched on 1st November 2023.
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 294 words used.
xClaim by Roadzen, is an end-to-end claims management platform designed to revolutionize the insurance industry's approach to handling claims. This comprehensive solution leverages AI, and computer vision to streamline and enhance every step of the auto claims process. xClaim's features and its value proposition include:
- Damage Assessment: xClaim uses computer vision to accurately assess damage severity on vehicles. It can recognize various car parts and conclude post-inspection/survey loss estimation in less than a second, a task that previously took 3-5 days to accomplish manually.
- Proactive Claims Processing: xClaim can proactively initiate the claims process immediately after an accident is detected, right from the accident site.
- Reduced TAT (Turnaround Time): Significant reduction in turnaround time during various stages such as FNOL (First Notice of Loss), estimation, approvals, and final settlement, from days to mere minutes compared to traditional manual methods.
- Fraud and Leakages Prevention: The platform's ability to prevent fraud and leakages, coupled with unbiased assessments, has enabled clients to reduce their claims outflow by 9%.
- Claims Management Cost Reduction: xClaims delivers 70% reduction in claims management costs, offering substantial savings.
- Labour and Parts Data: Clients have access to detailed data on labor and parts, facilitating better evaluation of claim quality.
- Integration Capabilities: xClaim is designed to seamlessly integrate with insurers' existing systems. This integration ensures that data flows smoothly between systems, improving efficiency and reducing manual intervention.
- Data-Driven Insights: By aggregating and analyzing claims data, xClaim provides valuable insights that can help insurers understand patterns, manage risks better, detect fraud, and make informed decisions about policy adjustments and customer engagement strategies.
- Seamless Customer Experience: Through a user-friendly interface, xClaim offers a straightforward way for customers to submit their claims. The platform guides users through each step, ensuring a hassle-free experience from start to finish.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 270 words used.
xClaim revolutionizes the claims process for our clients by integrating cutting-edge computer vision and AI technologies, delivering unparalleled efficiency and accuracy.
Traditionally, loss adjustment post-inspection or survey took 3-5 days when performed manually; xClaim, however, has made this a thing of the past by enabling instant loss estimation. This significant stride in technology also dramatically streamlines Turnaround Time (TAT) at various stages, including First Notice of Loss (FNOL), estimation, approvals, and final settlement, reducing it to mere minutes compared to the days required previously.
In addition to enhancing speed, xClaim fortifies the claims process against fraud and leakages. Through unbiased assessments, the platform has empowered clients to cut their claims outflow by an impressive 9%, showcasing the dual benefits of integrity and cost-efficiency.
Further contributing to financial savings, the platform has slashed claims management costs by over 70%. The provision of comprehensive data on labor and parts enables clients to evaluate claim quality more effectively.
This suite of improvements not only accelerates the claims management process but also ensures a more secure, transparent, and cost-effective operation, solidifying xClaim’s position as a revolutionary tool in the industry, powered by Roadzen – a leading insurance technology company, redefining the auto insurance landscape at the intersection of AI, insurance, and mobility.
xClaim is central to Roadzen's successful innovation strategy led by its award-winning AI research lab, which excels in developing cutting-edge models in computer vision, telematics, and generative AI. Roadzen’s technology facilitates a seamless customer experience from quote to claim. And its technological prowess has cultivated an impressive global client base and strategic partnerships across the insurance, automotive, fleet, and financial services sectors.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 17 words used.
Website: www.roadzen.ai
Roadzen AI: https://www.youtube.com/watch?v=E_1ZvlnqYzk
Investor Presentation: https://investors.roadzen.io/static-files/b428a3cd-bce5-4759-b25b-74f826cc4a3b
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