Oona Insurance Announces Strategic Partnership with CamCom to Enhance Auto Insurance Assessments Using AI

•  This partnership involves leveraging advanced image analysis to streamline the underwriting process of car damage assessment
• Oona will introduce features such as severity assessment and fraud detection, powered by AI and every step of AI inspection has also been localised to the Indonesian language, aligning with the local market's needs
  

Sourabh Chatterjee, Group Chief Technology Officer of Oona Insurance and Mahesh Subramanian, Co-Founder & Chief Operating Officer of CamCom

Jakarta, 30 January 2024 - Oona Insurance, a leading digital general insurance platform in Southeast Asia with strong presence in Indonesia, announced its strategic partnership with leading Artificial Intelligence (AI) solutions provider CamCom today. This partnership is set to revolutionise the insurance landscape by harnessing AI to streamline car damage assessment through advanced image analysis, thereby resulting in enhanced speed, accuracy, and transparency in risk assessments for policy underwriting and claims evaluation.

The automated process not only improves customer satisfaction but also serves as a powerful tool in fraud reduction and operational cost optimisation. As a result of this partnership, several key features will be added. This includes :

    1. Severity assessment, ensuring a swift and accurate evaluation of impact severity with a risk rating
    2. Fraud detection and prevention, incorporating predictive analytics, geo-location tagging, time stamp and image authenticity analysis to effectively identify and prevent fraud.

This regional-level partnership benefits Oona Insurance holistically, improving the process of issuing policies by enhancing efficiency and protecting against fraud.

Traditionally, the insurance customer journey's risk inspection phase can be challenging, leaving customers feeling disconnected and frustrated with lengthy processes. In collaboration with CamCom, Oona's UX team has designed a clear and interactive step-by-step guide, available in both Bahasa Indonesia and English, to help Indonesian customers to seamlessly obtain online coverage within minutes.

Sourabh Chatterjee, Group Chief Technology Officer of Oona Insurance, said "We are excited to partner CamCom and introduce this groundbreaking technology to our customers in Indonesia. This collaboration represents Oona's transformative leap forward in auto insurance assessments, promising a faster, more accurate, and intuitive experience for our customers."

Due to increased transparency, customers will now be able to benefit from receiving real-time updates on their claims, enhancing clarity and building customer confidence. The streamlined claims settlement process ensures swift resolution, reducing waiting times, and delivering a seamless customer experience. To further tailor the experience, the AI inspection journey's components have been localised to the Indonesian language, aligning with the local market's needs. Additionally, Oona proudly announced that CamCom abides by ISO 27001 standards, prioritising data security and privacy to safeguard customer information.

"Our partnership with Oona marks a significant stride in revolutionising the insurance landscape. The integration of advanced features reflects our shared commitment to providing customers with cutting-edge solutions that prioritise accuracy, transparency, and security." said Mahesh Subramanian, Co-Founder & Chief Operating Officer of CamCom.

About Oona Insurance 

Headquartered in Singapore, Oona Insurance is a leading digital general insurance platform and is backed by Warburg Pincus. Established in 2022, Oona aims to become the general insurer of choice for both partners and customers through a buy-and-build strategy, leveraging the pillars of superior customer service, advanced technology and a well-established brand across Southeast Asia. The firm currently operates in two markets in the region: Indonesia and the Philippines.  

In Indonesia, Oona operates through its licensed insurance entity, PT Asuransi Bina Dana Arta, Tbk. Oona Insurance, the new unified brand of these entities, offers quality products and services since early 2023, serving as a solid foundation for Oona's expansion across Southeast Asia's fast-growing insurance market.  

For more information on Oona Insurance, please visit: www.oona-insurance.com

About CamCom

CamCom is an award-winning, industry-agnostic Computer Vision (CV) platform for defect/damage assessment and identification of anomalies on all surfaces comprised of metal, plastic, or glass. We are pioneers in leveraging CV and associated technologies in the visual inspection process. In production with leading players in the automotive ecosystem, the platform provides solutions which create visual audit trails of vehicles from end-of-line to end-of-life. The CamCom Artificial Intelligence solutions increase efficiency, prevent defective seepage, and offer non-linear scalability. 

For more information, please visit: https://camcom.ai/