Roadzen : Leading the Charge in AI-Driven Insurance Solutions
Over the past years, technological advance- ments and innovative customer-oriented solu- tions have fueled remarkable growth in the insurtech sector. This is leading to the transformation of insurance operations globally, improving efficiency in claim processing and fraud detection while introducing persona- lized insurance products. As such, there are hybrid models between traditional insurers and tech startups that combine both reliability and agility. However, the industry often poses many challenges to customers including the complexity of insurance processes and delayed claims.Roadzen democratizes auto insu- rance with AI-driven solutions, offering seamless consumer experiences. The company partners globally with insurers, automakers, and fleets to ensure safer driving, personalized policies, and faster claims processing. Since its inception in 2015, the firm has established itself as an insurtech leader, pioneering advancements at the intersection of AI, insurance, and mobility. The company has expanded its global footprint and market impact, achieving a remarkable 245 percent increase in revenue growth of $46.7 million in FY 2024, up from $13.5 million in the prior year.
With a team of over 400 across eight offices, Roadzen has partnered with 92 enterprise customers and 3,200 SMBs, solidifying its leadership in global auto insurance with key partnerships and industry accolades. In September 2023, it became one of the youngest insurtechs to debut on the Nasdaq. The successful listing and inclusion in the Russell 3000 indexes underscore its accomplishments and future growth potential in the industry.
Innovating Auto Insurance through AI
Leveraging telematics and computer vision, Roadzen offers the next generation of insurance products that offer precise risk assessment and usage-based
pricing based on real-time data. Central to its offerings is xClaim, the AI-powered claims management platform that automates and accelerates the entire claims lifecycle, from initial processing to settlement.
The platform has revolutionized claims management with instant loss adjustment, fraud prevention, and slashed processing times from days to minutes. “Trained on millions of patterns and user behaviors at the time of vehicle survey and claim processing, the proprietary system uses computer vision for damage assessment,automates repair cost estimations, and facilitates proactive, and immediate claims processing at the accident site", said Rohan Malhotra, Founder & CEO, Roadzen. The platform addresses common claims challenges from complex filing procedures, manual communications to lack of visibility on claims status. It has reduced insurers' claims outflow by 9 percent and cut management costs by over 70 percent, offering substantial savings.
The company also provides a robust roadside assistance platform for immediate emergency support. And facilitates a seamless insurance distribution experience through its digital distribution platform, for transparent and efficient policy buying and selling.
Roadzen's AI research lab has built 150 advanced models focused on mobility, accident detection, and algorithmic innovation. These innovations support a wide array of stakeholders, including insurers, automakers, brokers and fleets, in managing UBI and BBI programs. The firm’s in-house CRM and API exchange further enhances operational efficiency, ensuring clients receive tailored products amid evolving industry dynamics of increasing adoption of connected vehicles and EVs, and rideshare and subscription models.
Roadzen’s roadmap includes enhancing its AI models for deeper integration in mobility and insurance sectors, advancing telematics capabilities, and scaling its global operations. By focusing on sustainable growth and strategic partnerships, the company is shaping the future of auto insurance with enhanced efficiency, transparency, and customer-centric innovations.
The platform has revolutionized claims management with instant loss adjustment, fraud prevention, and slashed processing times from days to minutes. “Trained on millions of patterns and user behaviors at the time of vehicle survey and claim processing, the proprietary system uses computer vision for damage assessment,automates repair cost estimations, and facilitates proactive, and immediate claims processing at the accident site", said Rohan Malhotra, Founder & CEO, Roadzen. The platform addresses common claims challenges from complex filing procedures, manual communications to lack of visibility on claims status. It has reduced insurers' claims outflow by 9 percent and cut management costs by over 70 percent, offering substantial savings.
"Roadzen pioneers AI-driven solutions in insurtech, transforming auto insurance with innovation, efficiency, & customer-centricity"
The company also provides a robust roadside assistance platform for immediate emergency support. And facilitates a seamless insurance distribution experience through its digital distribution platform, for transparent and efficient policy buying and selling.
Roadzen's AI research lab has built 150 advanced models focused on mobility, accident detection, and algorithmic innovation. These innovations support a wide array of stakeholders, including insurers, automakers, brokers and fleets, in managing UBI and BBI programs. The firm’s in-house CRM and API exchange further enhances operational efficiency, ensuring clients receive tailored products amid evolving industry dynamics of increasing adoption of connected vehicles and EVs, and rideshare and subscription models.
Roadzen’s roadmap includes enhancing its AI models for deeper integration in mobility and insurance sectors, advancing telematics capabilities, and scaling its global operations. By focusing on sustainable growth and strategic partnerships, the company is shaping the future of auto insurance with enhanced efficiency, transparency, and customer-centric innovations.
