Techechnology has disrupted the way insurance is sold and bought online and now a new wave of technology is set to distrupt the insurance industry again. Even traditional insurance companies with legacy systems are moving towards adopting more automoated technology to stay ahead in the game.
Artificial Intelligence is the Technology that all the insurance companies are looking to help them enrich the customer experience when it comes to Motor claims.
Traditionally, a typical motor claims can take up to 6-10 days to settle but with the technology enhancments of Ai computer visions within motor claims insurers now have a solution to reduce the motor claims cycle to Less than a day. So how does this tech works? The previous none technology automated process flow for a Motor claims was, Insured (the customer) would report an accident claim to the insurance call centre, a loss adjuster will be then appointed to claim who will go and inspect the vehicle. Then, the repair workshop will send the quotes for repairs to the insurance company and Adjuster, then the motor claims gets approved. This process is all well and good but as you see there's too many processes which take a lot of time.
How does Ai change this?
The new Ai powered solutions the customer is at the center. When the customer has an accident all they need to do is open up the mobile application on their smartphone and take a few photos of the vehicle and in within minutes the Damages is assessed by the AI and the cost of repair is generated. The claim can be approved in minuets not days.
This new technology can help enrich the customer experience for the motor insurance industry which is already a very competitive industry and retention of customers very important to the companies.
Artificial intelligence is not only helping with claims but can also help in vehicle inspections for Self-drive vehicle rental companies like hertz, Avis , Zoomcar, Drivezy, Vogo, Thrifty, Ola etc can really benefit.
These companies can use Ai for their check-in and check-out process of their vehicles every time one of their customers takes the vehicle for rent. On returning the vehicle an automated comparison of the vehicle condition from the check-in and check-out will be automatically carried out with the Ai.
At present, the damage assessment is done manually where a person would look at the photos taken to asses if there is any damage to the vehicle, this is not done in real time and often the vehicle images are only looked at if damage has been reported usually by the next customer. Often damage disagreements can occur especially when the cost of repair is involved. With the Ai assessment , the damage can be made transparent imedidately to both parties. Ai deliveres a none bias element to assessing damage and a standardised method of reporting damage can be delivered reliably and fairly to the customer.
Ai computer vision is relatively new to the motor insurance industry and vehicle rental companies but it won’t be long before the majority of companies will be adopting this technolog, and, this is just the start.