OK, we aren’t in the era of flying cars just yet. But the world is changing and it’s now possible for AI programs to assess the video and still images from a damaged vehicle, check the estimated spare parts and labour cost, then do a quick calculation on settlement. More here;
For the first time, an insurer in Spain – Admiral Seguros, the Spanish subsidiary of global insurer Admiral – is using Artificial Intelligence (AI) to create damage valuations and to generate an offer of immediate payment on damaged vehicles.
To do this, Admiral Seguros is using an AI solution, developed by the technology company Tractable, which accurately evaluates vehicle damage with photos sent through a web application. The app, via the AI, completes the complex manual tasks that an advisor would normally perform and produces a damage assessment in seconds, often without the need for further review.
Upon receiving the assessment, Admiral Seguros will use it to make immediate payment offers to policyholders when appropriate, allowing them to resolve claims in minutes, even on the first call.
José María Pérez de Vargas, Head of Customer Management at Admiral Seguros, said: “Admiral Seguros continues to advance in digitalisation as a means to provide a better service to our policyholders, providing them with an easy, secure and transparent means of evaluating damages without the need for travel, achieving compensation in a few hours. It’s a simple, innovative and efficient claims management process that our clients will surely appreciate.”
Adrien Cohen, co-founder and president of Tractable, said: “By using our AI to offer immediate payments, Admiral Seguros will resolve many claims almost instantly, to the delight of its customers. This is central to our mission of using Artificial Intelligence to accelerate recovery, converting the process from weeks to minutes.”
Tractable’s AI uses deep learning for computer vision, in addition to machine learning techniques. The AI is trained with many millions of photographs of vehicle damage, and the algorithms learn from experience by analyzing a wide variety of different examples. Tractable’s technology can be applied globally to any vehicle.
The AI enables insurers to assess car damage, shares recommended repair operations, and guides the claims management process to ensure these are processed and settled as quickly as possible.
According to Admiral Seguros, the application of this technology in the insurance sector will be a great step in digitization and will offer a great improvement in the customer experience of Admiral’s insurance brands in Spain, Qualitas Auto and Balumba.