Vahan Suraksha - Vision Document

AI Based Risk Analytics Platform for Vehicle Insurance

Problem Statement

As of today, Vehicle insurance is provided based on below metrics:

01 Declared value of the car minus depreciation.
02 Location and Age.
03 No Claim Bonus.

Risk profile of the vehicle owners or drivers are not taken into account when calculating the insurance premium.

This needs to change and insurance premium should be based on driving skills of the vehicle owners.

Insurance approval should be based on who committed the mistake with proper documentation.

AI Challenges

1

Main constraint of developing AI system is availability of data in India. There is no data available in the country to develop, test and improve frontier AI Models.

2

AI Systems are costly — no Indian companies can afford it.

This proposal will address this challenge.

Proposed Solution

System consists of 4 main actors

01 Vehical Manufacturers.
02 Telecom providers.
03 Insurance providers.
04 Government.

AI Risk Analytics Platform for Vehicle Insurance

How To Implement

01 Policy document for data sharing by all vehical manufacturers.(Mandatory cameras, chips on vehicle, Insurance companies mandatory allocation for AI, Tax incentives for IoT component design and manufacturing)
02 Enabling vehical manufactures for the changes(Standards for chipset, camera, IoT devices, data streaming)
03 Onboarding telecom providers to enable collection of data.(Incentives for telecom providers)
04 Providing platform for data collection, storage and retrieval.(Secure Vehical platform)
05 Enabling the data for the industry/institutions to run the LLMs on top of the data.

Funding

01 5% of the vehicle insurance premium will be used towards AI enablement.
02 20% of GST paid on Vehical tax.

Impact

01 Improving the margins for insurance providers by providing proactive prevention controls.
02 Automatic Ambulance assistance for accidents.
03 Real time labeling of Potholes. (Accident preventions)

2nd Order Impact

01 Data Sovereignty. Data needs to be captured, stored and owned in India.
02 Vehical Manufacturers - Using the data to develop and test FSD(Full Self-Driving).
03 Testbed to test sovereign AI models.