Keeping up with the speed at which data is generated and the need to extract insights requires powerful and innovative technology that can comprehend all that information. Insurers today are using AI to make smarter underwriting decisions, better manage risk, detect fraud and create positive customer experiences.
Automatic Vehicle Damage Assessment
The time and cost involved in vehicle damage assessment and estimate is high due to dependence on specialized agents, data from multiple channels, and multiple information hand-offs from a service engineer to the owner to the insurance personnel. The damage assessment is prone to human biases and collusion among surveyor, garage and vehicle owner.In addition to faster assessment, customers also want seamless claim processing and faster reimbursement. Insurance firms thus struggle to analyze vehicle damage, assess the viability of an insurance claim and manage the payout.
What insurance companies need is an AI-powered Automatic Vehicle Damage Assessment (AVDA) tool that can take images of damaged car as input and automatically assess which parts can be repaired, which parts need to be replaced, and the cost associated with it. Our solution uses computer vision technology to provide assessment report with associated costs, where access to spare parts and labor cost is available.
The solution can only assess external vehicle damages, but 65% of claims involve only external damages. Hence, it still provide significant business benefits.
Salient features of our solution are:
- Intuitive Stencils for proper pictures
- Pre-processing capability to remove reflections, shadows, glare to improve the quality of images, thereby accuracy
- Identification of make and model of the car, reading of the odometer,VIN, and registration number from images
- Smart AI models learn automatically and help surveyors override system assessment of repair, replace or no damage with appropriate reasoning
- Easy integration with your claims processing system for final aurhorizations
- Pay per use model with pricing per claim, with minimum threshold on a monthly basis
Traditionally insurance firms charge premium based on brand and make of the vehicle, and to some extent history of driver’s past traffic violations. With telematics solution, insurance firms can now create individualized plans based on studying driving pattern of the individuals, and charge the premium accordingly.
krtrimaɪQ is at the helm of InsurTech, helping insurance solution providers fully leverage AI technologies to make their existing solutions better, intelligent and faster. We deploy telematics solutions that use historical data to build a better predictive model to manage insurance risks by assessing an individual’s risk profile and driving behavior.
Telematics technology collects on-board information from the vehicle about everything from acceleration and braking inputs, to average velocity and direction, to route preferences. Combined with the processing power of AI, and taking into account other factors like GPS patterns, road and traffic conditions, accident-prone areas, and even the effects of adverse weather conditions, insurance companies are able to assess how good, or bad, a driver their customer is.
All this data allows the company to build a comprehensive image of the client as a driver, indicating how likely he is to become a cause of an accident and thus how risky he is as a customer.