NEWS

"Our platform provides a unified channel for an insurance company to allow standardized inspections across channel partners"

By VARINDIA - 2021-06-03

Ravinder Kumar, Founder & CEO, WIMWIsure

The Idea: I have always been influenced by technology and the insurance industry, especially has been my area of interest. However, the process and paper intensive propensity of the industry always surprised me. Considering the potential of this industry to grow with the integration of technology, I contemplated using AI in insurance while I was still working in the corporate sector. So as soon as the idea of designing a tool for self-inspection and assessment of vehicles took shape, WIMWIsure was born.

Innovations & Services: Our platform provides a unified channel for an insurance company to allow standardized inspections across channel partners. It uses Artificial Intelligence and Machine Learning enabled technology stack to automate the inspection of insurable assets in real-time using photos and videos submitted by the policy buyers. We have also partnered with 10 prominent general insurers, 15 direct insurance brokers, and nearly 20,000 intermediaries to streamline, expedite policy issuance and after-sale services across India.

GTM: WIMWIsure, which was the first of its kind insurance marketplace for D-I-Y vehicle inspection, is disrupting the asset insurance industry with API-enabled Inspection-as -a-Service to evaluate risk and losses using automation and machine learning (ML) and provide instant validation of information for vehicle inspections, repairs, vehicle databases, and claims settlements. While we aim to automate the inspection model for insurance, we are leveraging our technology to bring in standardisation across the entire financial services industry.

Plans for 2021-22: While we are currently targeting the automobile segment for insurance and vehicle finance segments. Eventually we plan to expand our technology expertise across all possible physical insurable assets and provide a marketplace for pre-inspected assets for the financial services industry.

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