Insurance Claims Management With Computer Vision And IOT

Insurance companies have quickened the claims management process which was lacking previously. Here is where using AI can assist. In car insurance claims AI can detect the levels of damages from images alone to map it to severity of the claims.

Drones can be used to capture picture of damages to houses after floods or fire. AI can asses the severity of the damage to automate the claims process. Validation would be a key factor as the insurance space is riddled with fraudulent claims.

Here is the thing about the accuracy of AI models. Google recently released NasNet in AutoML. One of the case study showed they’re able to produce state of the art models and get high accuracy on recognizing noodles served in a bowl from 40 different restaurant although for a human, differentiating which restaurant it came from would be a difficult task. The images had minute variation not visible to human eyes. It gave a accuracy of 94.5%.

Insurance companies can automate the image recognition task from evaluating customers and documents to claims management. So a small damage to the property or products are can analyzed and given an accurate severity of damage score aiding quicker resolution of claims.

Now Insurance companies have added telemetry and IOT devices to understand the type of drivers in car insurance. Sensor data can help in underwriting and especially in the claims management.

With IOT devices, weather can be accurately tracked based on cloud formation (image recognition), wind movements, temperature changes. These information help track damages these events can bring. AI models can predict the damages caused by hurricanes and tornadoes.

Insurtech companies are taking the insurance to the online space with super fast processing and claims management. There are companies that offer instance car insurance from car images for daily commute usually for borrowed cars. AI models can figure out the risk profile from the previous data or daily accidents census.

AI will take insurance beyond human levels of computation leading to optimal usage of resources.

In the Series:

1. How Insurance Can Enhance Customer Experience Using AI
2. Insurance Underwriting And Claims With AI
3. Insurance Claims Management With AI

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