This article talks about using technology to renew lapsed motor vehicle policy . ICICI Lombard has launched Mobile Self-Inspection of Vehicle for renewing the lapsed insurance policy.

Traditionally, when a motor insurance policy expires, a mandatory inspection is required, which causes delay in policy issuance. When a customer applies for renewal for a lapsed policy, the insurer initiates a process called Break-In which takes at least 2-3 days. In this process, an inspection by authorised surveyors is carried out and the policy is issued based on satisfactory inspection.

With everything being online, car insurance renewal can also be availed online now. Normally over 20% car insurance policies are renewed post the renewal date. ICICI Lombard has introduced a unique feature, Mobile Self-Inspection In it’s app Insure  which reduces renewal time from two-three days to barely a couple of hours using a camera and Internet connection. In this one has to make a Video of the car in broad daylight and upload it. Currently this feature available for four wheelers was launched on 24 Nov 2016.

• A customer needs to either log into the ICICI-Lombard website or the mobile application and pay the premium for the renewal or fresh car insurance policy by entering all the mandatory details
• Video has to be made using 3 MP or above camera resolution and recorded in broad daylight. Additional functionalities to discard and re-record the video are available. Once you have completed recording the upload video to the system.
• The Customer Service Representative (CSR) will receive the video and check for any problem with it. If they find any, they will send a push message and also the customer will get a call back stating what was wrong with the video. Once the video is approved by the CSR you get a message that it is approved, you can complete the rest of the formalities quickly and get the insurance immediately.
• One can also check the status in ‘My Policy’ section of the Website or App in sometime.

The infographic created by https://www.icicilombard.com shows the entire process.

Mobile Self-Inspection of Vehicle using Video

India is going digital and ICICI is leading this digital revolution in the financial sector. This ‘Mobile Self Inspection’ system is the first of its kind in India. One can now avoid the physical presence of an insurance surveyor, which has made this process very convenient and a seamless experience.