Insuring companies have started working with auto manufacturers into making some fine changes in auto designs with an aim to reduce insurance claims. This way, both insurers and auto manufacturers are benefiting as it aids in cutting down claims ratio and a reduction in turnaround time at workshops.
ICICI Lombard, Bajaj Allianz, Royal Sundaram, National Insurance, New India Insurance and Iffco Tokio are some of the names who cooperate regularly with auto manufacturers Ford, Maruti Suzuki and Hyundai, giving them advice on causes of claims.
Auto manufacturers use these feedbacks to calculate modes of cutting down damage due to accident and miserable road conditions. Design changes are carried out if found to be cost-efficient, helping to bring down the claims.
Maruti Suzuki has been commonly obtaining technical inputs from insuring companies on reasons of claims for the last 3-4 years.
Very interesting topic. It would be great if they come up with more successful formula than it is right now. Meanwhile learn more about automobile insurance coverages.
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