SINGAPORE
The use of Artificial Intelligence ( AI ) is transforming the auto insurance industry by simplifying claims processes . Sandeep Bhargava , SVP , Global Services and Solutions , Public Cloud Business Unit at Rackspace Technology tells us how AI-driven computer vision systems are driving these improvements while providing insurers with increased assessment accuracy .
HOW AI CAN BREATHE NEW SINGAPORE ’ S INSURANCE IN
Singapore Skyline and Marina Bay at Night
AI has huge potential and has been discussed at length – and the possibilities are certainly exciting .
Computer vision technology enables automatic detection of vehicle parts and analyses the type and severity of damage detected . Much of the manual effort associated with traditional claims processing is removed , improving turnaround times . By reducing paperwork and human surveyors ’ involvement , insurers save on costs while improving customer satisfaction due to shorter wait times for claim approval or denial decisions .
How does it work ?
First , a customer uses an app to take pictures of the vehicle in question . The images are processed by a computer vision program to identify the affected parts accurately and the extent of the damage .
Trained in multiple data points across an enormous number of sources such as previous claims reports and vehicle model specifications , AI-driven algorithms then estimate the cost of damage .
Insurance companies can also leverage computer vision to detect safety features on vehicles , allowing them to accurately determine a vehicle ’ s roadworthiness and offer discounts accordingly . In addition , insurers could
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