No more delays to claim your Motor Insurance! VeracityAI to disrupt the Insure-Tech Industry with Claims Automation System
Motor Insurance policyholders, who are in the unfortunate circumstance of getting in a car accident, usually will look forward to going through a cumbersome process when it comes to processing their claim. However, with AI and machine learning this is no longer the case.
The traditional motor damage claim process generally requires an onsite assessor who will evaluate the accident and then estimate the damage, which then gets passed to the insurer, which will go through an evaluation process before they release the required funding to repair the vehicle. This is a very time-consuming and people dependent process which could lead to manipulation as well.
29% drop in the net income of the overall insurance industry that was created by the significant losses incurred this year and increasing claims cost within the Auto-Insurance Industry (Deloitte, Insurance Information Institute, 2019)
Insurers are under pressure when it comes to the evaluation of claims and processing bills to stay competitive and achieve the accuracy, speed, and
efficiency which consumers expect. Insurers still rely on human resources (assessors) for attestations, and it can take a long time to evaluate the results of an accident and provide customers with estimates even for minor damages. Today’s tech-savvy customers with a mobile device can find manual evaluation processes frustrating especially after just being through an accident.
VeracityAI’s “Claims Automation System” has invented to overcome this challenge and assist Insurance Companies.
Claims Automation System
Whenever there is a Motor related accident, scheduling inspections and obtaining approvals from different individual stakeholders can keep vehicles and policyholders off the road for days or longer. Along with the digitalization of the insurance industry, Computer Vision-based Artificial Intelligence (AI) is a recent disruptor in the Insure-Tech domain. VeracityAI’s solution will detect the damage, classify the damage and provide the estimated cost through the platform so that the Insurer can process the claim much more efficiently.
The cloud-based platform can detect the damaged area of a vehicle based on photos captured by Android or iOS mobile devices and estimate the cost based on different methods as required by different global markets. A mobile interface guides the user through an automated claims generation process that uses state of the art Machine Learning frameworks running on the cloud and the edge devices.
In this, we explain the platform that we are developing with our partner “Wenn”. They consist of experienced professionals from Business Administration and Technology. Also, this explains how AI has become a major focus among Motor Insurers due to the impressive savings that can be achieved by partnering with an AI solutions company.
Artificial Intelligence & Insure-Tech Industry
Using artificial intelligence, Veracity has enabled the product on IOS, Android as well as part of the AI model to function on the edge for deeper damages. The entire application includes a chatbot plugged into a cloud-based claims engine powered by AI, built on computer vision-based machine learning technologies.
A Mobile Application will be provided to the vehicle or motor insurance policy owners. The vehicle owner’s information is gathered by a user-friendly chatbot. This information includes details such as accident details, driver license (OCR), and location details (GPS). Other data is then cross-referenced to ensure fraud is detected. For example, if the weather during the day was rainy and the images don’t show such weather, the AI can understand the image was not taken at the time of the event and is then sent to the fraud detection department within the Insurance Company.
Our Computer vision-based claims engine can detect and classify the level of damage. Minor Damages which can be listed as scratches, scrapes or dings.
i.e., a cracked headlight or small dent in the hood. Moderate Damage usually means large dents in the hood, fender or door of the car. If the doors won’t open, or if airbags have deployed, owners likely have a moderate amount of damage to the vehicle. Severe damages include broken axles and bent or twisted frames
Examples for a severe damage situation include if the owner’s car has rolled over, or a complete side of the car is damage.
How it works
Figure 1: Process
Regarding Figure 1, our solution works as per the illustration. At first, the
consumer will use the mobile device with the APP installed to take images of the vehicle’s damage. It is backed by the incorporated edge computing assistance, yet again powered by AI, which guides the user to take a good image.
Figure 2: Parts and Damage Detection
Once uploaded, the machine-learning model in the claims engine
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identifies the parts of the vehicle and then all the different types of
damages. (Like body, glass, mirror, light and other damages) Most importantly, the APP replies with an estimated cost quickly using historical data utilizing artificial intelligence.
Figure 3: Automated Estimation
The culture that makes the impossible possible!
Our successful Claims Automation System has launched to cater to our partner in Europe and looking forward to introducing to Asia soon. Veracity has a culture of creating and harnessing professionals who love taking on the challenge of larger than life projects and making impossible possible. As probably one of the top world providers of Automated damage claims the results of Veracity spirit shines through. It is clear if you are solving a big problem that is almost impossible to solve, Veracity is up of the challenge and will have fun doing it.
https://www.iii.org. 2019. 2019 Insurance Fact Book. [ONLINE] Available at: https://www.iii.org/sites/default/files/docs/pdf/insurance_factbook_2019.pdf
Asia News Center. 2019. AI takes the pain out of car insurance in India – Asia News Center. [ONLINE] Available at: https://news.microsoft.com/apac/features/ai-takes-the-pain-out-of-car-insurance-in-india/.
This content has been produced within the framework of the EU-Sri Lanka Trade Related Assurance Project, funded by the European Union and implemented by ITC and UNIDO in partnership with the Government of Sri Lanka.