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MOTOR INSURANCE

Transformative Effect Throughout the Motor Insurance Value Chain

Reduce Loss Ratio Using Actionable Visual Inspection Strategies

The AI-based insurance solution platform provide insurance carriers with expertise in underwriting and claims damage assessments, enabling the settlement of a claim in under 5 minutes and a noticeable reduction in the loss ratio with increased efficiencies.

How Do Our Impactful AI Solutions for Insurance Reduce the Loss Ratio?

  • The Machine Learning (ML) technology trained with over 350 million images leverages advanced image analysis, leading to a vehicle damage assessment accuracy of 96%. An innovative guided visual inspection approach enables our AI camera models to operate in automatic mode and ensure the quality of collected images and inspection results.
  • Advanced image processing ensures that the aggravation of pre-existing damages during the claims process is reduced.
  • Utilizes geo-fencing, time stamping, and VIN reading-based vehicle identification to reduce fraud in the inspection process.
  • Enables improved process automation, enhanced predictive analytics for risk mitigation, and localisation to the native language for a superior customer experience.

DAMAGE ASSESSMENT

  • Through deep learning computer vision, only the required object of interest from the captured images during the car insurance inspection is extracted.
  • Identification and classify damaged parts using deep learning in our auto insurance software.
  • A scoring system to correlate damages from multiple angles and identify specific areas within the part in which the damage is present.
  • An algorithm to arrive at the point of impact to predict the cause of the incident.

COST ESTIMATION

  • Enables repair/replace decisions as per insurer.
  • Reduces friction between garages and insurers.
  • Complete visual audit trail pre- and post-repair process.

REVIEW AND SETTLEMENT

  • Reduce time spent on claim payouts.
  • Creates the digital audit trail of the claim process.
  • Allows loss assessors to focus effort on more complex claims.

BENEFITS

Reduces loss ratio

95% damage detection accuracy

90% faster claims process

40% reduction in claim journey cost

20% reduction in claim payouts

Predictive analysis for risk mitigation

Enhances process automation

Inspection process

Claims Process