If you did, most likely you are familiar with the hassles involved in the vehicle 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. 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 how.
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 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. If an employee is busy or on vacation, a claims request could be delayed until the right person is back.
Besides, most accidents that happen on the road are minor and does not cause a lot of damage to the vehicle. Despite that, some insurance company still need to inspect the vehicle. This means a customer’s car often have 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.
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There should be a solution to expedite the claim settlement process while reducing the cost and improving customer experience. The solution must address the challenges of inconsistent, manual and multi-point processes and fraudulent claims. By leveraging on AI, we have a solution to streamline and improve claims settlement, — to be much faster and to enable insurers to cater an improved customer experience.
With Artificial Intelligence, “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 very quickly with an estimated cost, reducing the time from days to just minutes.
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 customer 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. They can attend to more complex claims where their experience really matters. It could drastically cut down the inspection cost to near zero.
Using such an AI-powered app can save insurance companies millions from insurance fraud 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. AI-based insurance claims processing is enabling insurance companies to achieve all these goals.
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