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Have you ever met with a vehicle accident? If you did, most likely you are familiar with the hassles involved in the auto insurance claiming. Filing an insurance claim and having it processed can be the most tedious and frustrating part of the entire insurance settlement. The processes involved are slow and opaque — this is because the claims are handled by multiple agencies before the claim amount is approved and disbursed. In this fast-paced world, customers want their vehicle fixed as soon as possible with the help of AI in auto insurance. But in most cases, they are stuck with the traditional processes which are inefficient as well as time-consuming.
Insurance companies must come up with solutions that can expedite the claim settlement process to serve their customers with an elegant customer experience. Grateful to artificial intelligence, we have a solution for this dilemma of vehicle insurers as well as their customers. Artificial intelligence has the capability to transform the way how vehicle damage claims are handled.
Let’s see:
In the event of a vehicle accident, the owner of the vehicle has to surrender the vehicle to one of the authorized vehicle service centers. And in many cases, the owner has to inform the insurance company so that an examiner would arrive at the accident location to inspect the accident and evaluate the damages that occurred and report to the insurance office. Meanwhile, a service mechanic has to assess the damage and provide an estimated service cost.
The insurance agent may either approve, reject or modify the estimate report. At present, this process is unavoidable since the insurance company depends on this crucial data to evaluate the validity of a claim before it starts to initiate the claims. Since it relies heavily on perticular employee, unavailability of the perosn might further delay the work.
Besides, most accidents that happen on the road are minor and do not cause a lot of damage to the vehicle. Despite that, some insurance companies still need to inspect the vehicle. This means a customer’s car often has to remain off the road for days following an accident. Studies show that it takes at least 5-10 days to settle a claim. For the policyholder, dealing with a significant loss is stressful enough without having to undergo a complicated insurance claims process. Meanwhile, for the insurer, this period is critical since a delay in the claims process could break the client relationship. It is essential that an insurance company’s judgment is quick and accurate.
There should be a solution to expedite the claim settlement process while reducing the cost and improving the customer experience. The solution must address the challenges of inconsistent, manual, and multi-point processes and fraudulent claims. By leveraging AI in auto insurance, we have a solution to streamline and improve claims settlement, — to be much faster and to enable insurers to cater an improved customer experience.
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With AI in auto insurance, “touch-less” claims can be introduced that doesn’t require any human intervention. By just using an AI-powered mobile app, insurers can fix the hassles around insurance claim verification. Using the app, the policyholders can take images of their damaged vehicle and send it to the insurance company. Once uploaded, the system’s computer vision and deep learning algorithm will identify all the parts of the vehicle such as roof, door, trunk, window, or bumper in real-time. It can then identify all kinds of damage – be it scratch, dent, crack, and so on. Finally, AI can make a decision whether or not the vehicle is eligible for insurance coverage.
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To address this very problem, we have created an AI-Powered Mobile App Called Accusurance that can expedite the whole auto insurance claim in an efficient way. With the app customers, scan file insurance claims quickly, anywhere, and anytime. The advanced image analytics of Accusurance estimates the damage, severity and reports them to the insurer, leading to faster claims processing. Accusurance can significantly reduce the cost of vehicle damage inspection and provide a better customer experience.
The benefits of having such an AI-powered app is huge. It allows insurance companies to be more productive since insurance personnel is no longer required to physically present to inspect vehicles. In this way, they can easily handle more complex claims. It could drastically cut down the inspection cost to near zero.
Automating insurance claims using AI can save insurance companies millions by avoiding fraudulent insurance claims. Fraud claims are one of the costliest elements of the insurance industry. It is estimated that fraud claims cost more than $40 billion a year in the US alone. Instead of relying on human inspectors or agents to manually go through reports to find fraud claims, AI algorithms can identify patterns in the data that human agents can miss. AI can alert the human agents when it finds anything fraudulent or suspicious.
Customers are the ultimate beneficiaries. Such a facility allows customers to file claims without having to wade through red tape. It will remove excessive human intervention and customers won’t have to surrender their vehicle. Customers can file claims whenever and wherever they find it convenient. They will also receive the estimates quickly. With improved efficiency, customer satisfaction will be increased significantly.
With an ever-increasing smartphone user base, artificial intelligence is poised for greater growth. AI is changing the way claims processes are handled today. It could be the solution to the profitability of insurance companies. By utilizing AI capabilities in the claims cycle, insurance companies can reduce their loss adjustment expenses and cut down other costs while improving customer satisfaction at the same time. The claims department can also divert their workforce to focus on valuable services to the customers while AI takes on their regular tasks. Automating insurance claims using AI helps insurance companies achieve all these goals.
Related article on Driving AI Into Vehicle Insurance
AI can have many use cases when implemented within the auto insurance industry such as:
As we noted earlier processing a claim can be tedious and time-consuming because it includes many tasks like reviewing, investigating, adjustments, remittance, or denying the claim. Inconsistency in processing due to human errors, differences in given data, and changes in regulation can all affect the smooth and timely processing of a claim. Intergrating AI into the process brings in the solution to these problems.
The documents required for the claim processing have to be checked to see if they fit regulations and detect if they are fraudulent claims. Speed and accuracy are essential to this process and hence using AI they go over large amounts of documents efficiently.
By introducing an AI system the accident images can be categorized and an estimate to repair costs can be given in real-time. This can help make the claim processing even more efficient.
Processing the appeals after the claims processing can be automated by combining AI and automation technologies to cut down the time taken to process it and increase the accuracy rate.
This requires picking out the relevant data from large amounts of documents. Manually doing the task can be tedious and time-consuming but automating the task can increase efficiency and improve consumer satisfaction.
Based on the set of predefined parameters AI systems can access the customers’ profiles and identify the right plan for them. This can smoothen the work and reduce the cost of processing.
The companies are required to make a large number of documents to record and file the specific information of the insurers. AI systems can generate policy statements without errors and at a faster pace.
AI conversational tools can support customer queries with faster replies to often asked questions. This can help increase customer satisfaction.
AI-enhanced fraud detection tools can help filter out fraudulent claims based on the available data of the business and the information provided by insurers.
With AI systems, companies can customize their products and claims to suit the needs of their customers. Since the customers are provided with a tailormade claim it will appeal to their needs even more.
By incorporating AI in auto insurance we can increase the efficiency and management of insurance claim processing. Even with the multiple tasks like reviewing, investigating, adjustments, remittance, or denying the claim, AI can increase efficiency, provide quick responses, and spot fraudulent activity. This can help customer satisfaction and help businesses cut down costs.
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