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
