Roadzen Inc. announced that it has been chosen to provide claims processing using its AI-powered xClaim product for the Indian Government-owned Oriental Insurance Company Ltd. Roadzen was selected after an exhaustive review following a Request for Proposal (RFP) process carried out by the association of the four Indian Government-owned auto insurance carriers. Collectively, these four carriers account for approximately 32% of the market share of the Indian auto insurance industry and process an estimated 1.4 million auto claims each year. The RFP was issued to assess the opportunity to upgrade to a fully digital infrastructure for claims processing.

OICL processes approximately 200,000 claims annually and is the first to implement automated allocation of claims to digital service providers (DSP), effective July 1, 2024. OICL?s assessment was based on claims turnaround time, reduction of loss ratios, and improvement in customer experience. Initially, it is estimated that Roadzen will start processing roughly 25% of the annual claims volume for OICL.