KASIKORN Business Technology Group (KBTG) has joined with Muang Thai Insurance Pcl (MTI) in launching InsurTech – an AI-based platform for self-service pre-insurance car inspection to ensure greater efficiency. The first of its kind in Thailand, the digital platform for vehicle condition checks will deliver a novel customer experience with only a few minutes required via a user-friendly online system available 24/7. 

Mr. Ruangroj Poonpol, KBTG Group Chairman, said that the InsurTech platform project is the first insurance co-innovation of KBTG and Muang Thai Insurance. By applying ‘Deep Tech’ with the InsurTech innovation, this digital platform is used for pre-insurance car inspection, a first for Thailand. By leveraging the development of image processing and artificial intelligence (AI) technology into an AI as a Service model and the use of Muang Thai Insurance’s database and its personnel well-versed in AI training and car damage detection model creation, the two companies have innovated a novel car inspection system. The service will be rolled out via Progress Multi Insurance Broker Co., Ltd. (PMIB), wholly owned by KASIKORN Leasing Co., Ltd., which is a subsidiary of KASIKORNBANK (KBank). 

During the initial phase, operations will be based on a hybrid system; that is, car inspections will be carried out by AI technology and a specialist team. Customers can send their car photos for inspection by themselves, like a self-service. After that, the AI technology will assess the car’s condition from the photos. If areas of damage are found on the car’s body, the system will automatically mark that damage before sending that data to the car inspection team to verify once more. The total process takes only a few minutes via a user-friendly online system that is available around the clock. The precision of the AI technology will be improved as more users sign up. It is expected that the AI system will learn and improve its capacity to fully automate the car inspection process over the next one to two years.      

The technological development process for the AI car inspection system comprises three major steps:

1. Data and photo preparation, plus the system used for teaching AI for car inspection: KBTG and Muang Thai Insurance are jointly responsible for the development of this step.
2. AI model building: It is solely undertaken by KBTG.
3. Business application of the AI technology: It is used by Muang Thai Insurance to efficiently offer services to its customers as it helps the company gain easier access to its clients while also allowing the non-life insurance business to thrive on the digital platform in the future. 

Additionally, KBTG and Muang Thai Insurance are planning to use the AI-based car inspection system in other channels, with the aim of offering comprehensive services to customers. There is also a potential to apply AI technology to other services in the car insurance ecosystem such as insurance claims. 

Mrs. Nualphan Lamsam, President and Chief Executive Officer, Muang Thai Insurance Public Company Limited (MTI), revealed that pre-insurance car inspection used to be carried out in the form of appointments between customers and the company, which is more time-consuming and costly. MTI is the first company to apply AI technology to the insurance business as a means of processing car inspection data. This is achieved through its cooperation with KBTG, Thailand’s leading technology expert. InsurTech serves as the culmination of developments in the car inspection system, ensuring greater speed and convenience for customers.

Mrs. Nualphan added, “By incorporating AI into the development of a data processing system for car inspection, we are able to enhance our potential in managing risks and expenses as well as explore new channels for offering insurance plans through the application of such technology. Not only will it help us to effectively meet the demands of our customers, which vary from person to person; the technology will also give customers access to a wide and comprehensive range of insurance products during an era wherein customers make and refine purchases by themselves. Continuously improving MTI’s insurance services with AI technology, we are planning to bring in AI to support internal operations in the future to best serve our customers in the digital age as well.”

Potential customers can inquire for more details about buying insurance and related services at https://pmib.kasikornleasing.com, or contact our call centre at 1484, or visit the website, www.muangthaiinsurance.com. Customers should study the coverage details and conditions before making a purchase decision.