AI is going to change everything. We have heard that many times before, but it does seem to be happening in the world of insurance, where bulk risk assessment, pricing of cover, admin of policies and claims settlement all offer the potential for huge savings in time and money. Here’s news from Tokio Marine, who have chosen Metromile, the first insurance carrier powered by machine learning, to help keep their business streamlined and efficient;
Tokio Marine Group has deployed the digital, first notice of loss product Metromile REPORT across its $13 billion auto insurance book. With Metromile REPORT, Tokio Marine expects to significantly improve customer claims by enabling drivers to report accidents online and through its app.
“Metromile uses world-leading technology to provide a more sophisticated and personalized approach for its customers. By incorporating its technology into our claims service, we expect to realize millions of dollars in savings and raise the quality of work that can only be performed by our talented team,” said Tokio Marine Group Deputy General Manager Hidenori Kobayashi.
Tokio Marine Group, the largest insurance group in Japan, was the first insurance carrier to license Metromile’s proprietary artificial intelligence claims platform. Metromile Enterprise’s platform can help improve customer satisfaction and limit losses paid to false claims, which Metromile Enterprise believes can reduce loss adjustment expenses by as much as 30% by automating customer experience, detecting fraud, and offering dynamic first notice of loss.
“We are honored to help Tokio Marine focus on what they do best — putting its people and its customers first. Metromile Enterprise’s technology will enable Tokio Marine to use artificial intelligence to improve customer satisfaction, realize industry-leading operating efficiency, and take a significant leap as a technology-driven insurer,” said Metromile CEO Dan Preston.
To learn about how insurance carriers can incorporate automation and machine learning to create a richer customer experience as a competitive advantage, visit enterprise.metromile.com, and schedule a free demo.
Metromile is the leading pay-per-mile car insurance company in the U.S. Recognized by Forrester as a top insurance carrier in user experience, it is creating a loyal community of drivers with personalized insurance that is fairer and more affordable. Powered by machine learning and customer-centric design, Metromile is at the forefront of disrupting a $280 billion personal auto insurance industry that has gone unchanged for decades.