FAST FACTS
Magma HDI General Insurance Company Limited is a joint venture between Magma Fincorp Limited , Jaguar Advisory Services Private Limited , Celica Developers Private Limited and HDI Global SE . With humble beginnings in 2012 , the growth trajectory has been remarkable .
Today , Magma HDI has 160 + branches with an employee strength of 1000 + and a GWP ( Gross Written Premium ) of INR 1,294 crore as of March 2020 ( USD $ 172 million , based on 31st March 2020 rate of 1 USD = 75.3250 INR ).
automated claims for auto accidents
Through an industry data provider , Magma HDI is sourcing vehicle data from over 6 OEMs , each having hundreds of vehicles on the road , which in turn consist of a mindboggling set of components and parts . All these data elements are now being captured and placed into a database . “ You need information at a granular level , down to the spare parts for each make , model , and year ,” says Ramesh .
By applying machine learning techniques on vehicle component data , Magma HDI can train the claims assessment AI using its own historical claims data . The AI will examine photos or videos of an automobile to identify which parts are damaged , and then to estimate whether the vehicle is worth repairing – as well as detect patterns of fraud . This level of automated processing will deliver quick results for the insurer and for the customer . “ We will minimize the cost of claims processing , which means that we can translate those benefits to the customer in the form of lower premiums ,” says Ramesh .
Magma HDI will start with testing of image-based claims processing this year and continue with video processing in 2021 .
Consistent experience
The partnership with TCS has been an underlying element of the continued success of Magma HDI . “ TCS has always been open to implementing our complex business requirements , and the TCS BaNCS system is flexible enough to accommodate changes in an agile manner ,” says Ramesh .
“ My experience with TCS has been consistent , whether in good times or during a crisis – you can pick up the phone and they ’ re at your side when you need them ,” Ramesh adds . “ It ’ s one team working together on a common goal .” l
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