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AI is reshaping auto insurance: Rohan Malhotra, CEO, Roadzen

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Roadzen’s mission is bold: to revolutionize the insurance landscape by harnessing the power of AI, creating seamless experiences that empower everyone to drive safer, get tailored policies, and expedite claims processing. Rohan Malhotra, CEO, Roadzen, shares with us how his company is not just redefining auto insurance, but looking to shape the future of mobility itself

Some edited excerpts:

What specific AI capabilities are driving transformative changes in auto insurance?

AI is reshaping auto insurance by improving efficiency, personalization, and safety. AI algorithms excel at analyzing driving data like speed, distance, braking patterns, and distracted driving, and more, to assess risk accurately. This enables fair pricing based on driving habits, rewarding safe drivers and creating a personalized insurance experience.

Telematics systems and computer vision help reduce road accidents by detecting hazards, predicting collisions, and alerting drivers to prevent accidents. These technologies enhance road safety and driving behavior while preventing claims from occurring.

AI tools speed up claims processing by remotely assessing damage, estimating costs, and processing claims swiftly and accurately. This automation boosts customer satisfaction with quicker claim resolutions.

AI also detects fraudulent activities by analyzing large datasets for patterns and anomalies. Services like maintenance alerts and emergency assistance can be easily integrated as vehicles become more connected. AI integration improves operational efficiencies, customer experiences, and redefines the entire auto insurance value chain.

How are you addressing existing pain points within the automotive and insurance industry in India?

With a deep understanding of consumer needs, Roadzen is at the forefront of AI innovation for auto insurance. We are setting new benchmarks for efficiency, personalization, and safety in the industry. At the heart of Roadzen’s approach is the next gen of auto insurance for India, is a proactive approach to road safety. According to the latest GOI data, in 2022 Indian roads have shown an increase of 11.9% in accidents, 9.4% in fatalities, and 15.3% over the previous year.

Understanding the critical importance of road safety, Roadzen deploys telematics and computer vision to predict and prevent accidents before they occur. Our mobility solution analyzes real-time data from various sensors and cameras to identify potential hazards on the road, and alert the driver prior to an event, offering a real solution to reducing road accidents. This focus on preventative measures not only protect precious lives but impact large fleets, including trucks, and public transport, improving safety, efficiency, and turn-around-times.

Secondly, dynamic underwriting process, powered by AI and telematics, can assess risk more accurately and offer premiums that reflect an individual’s actual driving habits. This not only rewards safe drivers but also encourages a culture of responsible driving across India’s rapidly urbanizing landscape.

Roadzen’s products vastly improve customer experience in the auto insurance by enabling personalized and touchless claims processing strategies. By eliminating redundant points of contact and streamlining the assessment and repair processes, Roadzen significantly reduce the friction typically associated with making a claim, by ensuring that customers face fewer hurdles and enjoy faster resolution times.

With a mission to democratize auto insurance through great technology, Roadzen is committed to building consumer experiences that are not only powerful but also accessible. By giving everyone the ability to access personalized, efficient, and safe insurance solutions, Roadzen is paving the way for a more inclusive auto insurance ecosystem in India.

Can you elaborate on the AI solutions that Roadzen offers automakers, insurers and fleets?

Roadzen is at the forefront of an AI-driven revolution in auto insurance, redefining the journey from policy inception to claims resolution with a focus on preventing accidents, offering dynamic premiums, and enabling swift claims processing. Our robust technology suite covers the entire auto insurance spectrum, ensuring a seamless experience from start to finish.

Our award-winning AI research lab, home to pioneering models in computer vision, generative AI, and telematics, is closing the technological gap for dealerships, fleets, brokers, and agents who manage a significant portion of global insurance premiums.

VIA, our AI vehicle inspection tool, transforms vehicle valuation and reporting with real-time updates and dedicated partner support. Meanwhile, xClaim revolutionizes claims processing with AI-powered notifications, remote assessments, and instant payouts, significantly reducing human error and processing times. StrandD, our comprehensive roadside assistance platform, promises timely support with efficient service management. Our telematics suite advances fleet management, emphasizing safety, minimizing distractions, and promoting road safety, backed by actionable insights for performance and cost optimization.

Additionally, our technology enhances extended warranties, gap insurance, and usage-based insurance decisions, leveraging telematics data for unparalleled accuracy and effectiveness. Designed for seamless integration, Roadzen’s solutions are tailored to the unique needs of each segment, driving forward a new era of auto insurance.
With a global footprint affecting 4% of the world’s vehicles and a remarkable track record of serving over 10 million customers, 90+ enterprises, and 3000+ SMB clients across major markets, Roadzen is leading the charge in transforming auto insurance through innovative AI technologies, setting new standards for the industry.

How do these applications enhance road safety, risk assessment, pricing strategies, streamline claims handling and prevent fraud?
Roadzen is redefining the insurance and mobility sectors with 150 cutting-edge AI models, each precision-engineered to optimize various aspects of the value chain. Our tech suite, powered by advanced computer vision, meticulously analyzes driver behavior through video feeds, enabling critical safety measures like collision prediction and obstruction detection.

Our standout innovation is our distraction monitoring system that leverages face detection technology to identify when drivers are drowsy, distracted, or unbelted, significantly reducing the risk of accidents.
We’ve conquered one of computer vision’s toughest hurdles: road object detection. Our tech not only identifies the proximity of vehicles but also provides drivers with a crucial three-second lead time for accident prevention—potentially eliminating 60% of human-error accidents.

At Roadzen, we go beyond traditional metrics. Using telematics, we craft dynamic, personalized insurance quotes by building comprehensive driver profiles, ensuring premiums are fair and reflect actual driving behavior.
Our claims management revolutionizes the traditional process. Capable of recognizing car parts and damages in seconds, it accelerates claims processing from the accident scene, potentially managing 80% of all claims—a $500 billion volume.

In essence, Roadzen leverages AI to not just innovate but transform the mobility ecosystem into one that’s safer, more equitable, and efficient for all.

How is AI poised to deliver a safer, smarter, and sustainable future for mobility?
Our mission is unequivocal: to create a world with fewer accidents, where insurance premiums reflect true driving habits, and claims are resolved swiftly and smoothly, all thanks to AI’s transformative potential. Roadzen stands on three foundational pillars: boosting safety, tailoring insurance premiums, and simplifying claims. These principles drive our quest for a smarter, more responsive mobility ecosystem.

But our vision extends beyond the immediate— Roadzen’s AI-driven solutions are also a catalyst for a greener future. By encouraging fuel-efficient driving habits, enabling predictive maintenance, and crafting tailored mobility and insurance offerings for the zero-emission electric vehicle (EV) and connected vehicle sectors, we’re partners in fostering green mobility.

Our AI models are slashing potential accident rates by 60% due to human error and positioning us for a safer, cost-efficient future that could save the industry $500 billion annually in claims processing. Plus, our potential to cut carbon emissions by up to 20% reinforces our commitment to the planet.

As pioneering members of the AI Alliance, alongside giants like Meta and IBM, Roadzen is not just following the future of AI; we’re leading it. We’re crafting a future that’s fair, green, and reflective of our bold, innovative spirit.

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