The Applications of Image Recognition in Insurance
Image recognition techniques are already prevalent in many industries. In the banking industry, facial recognition is used to let users log in to mobile banking services on their smartphones. The verification of signatures or other handwriting is applied to deposit a check by taking a photo of the signature. Image recognition together with the video stream from a 24-hour surveillance camera can identify suspects after an event. Similarly, law enforcement will use vehicle recognition technology to identify vehicles.
In this post, I will list several ongoing developments that start to disrupt the insurance industry. I also discuss the obstacles that prevent widespread applications in the insurance industry.
Application 1: Real-time car damage assessment
When an assessor reviews a car damage claim, it can take one to four weeks for the assessor to visit, inspect and evaluate the expenses for the damaged car. Can this length process be shortened? Some insureTech startups such as Tractable Technology are using the technology for automated damage…
