05/28/2019 | News release | Distributed by Public on 05/28/2019 12:42
When a customer's vehicle is damaged in an accident, they must surrender it to a service center so a service engineer can assess the damage and provide an estimate for repair. Then, an insurance personnel examines both the car and the estimate, and either approves, rejects or modifies individual parts of the estimate.
Compare that to the new, AI-driven process; a customer will use the app to take photographs of car's damage. Once uploaded, the system's deep learning model and computer vision identifies in real time all the parts of the vehicle, like roof, window or bumper and then spots all the different types of damage - be it scratch, dent, crack, and so on. Most importantly, the app replies with an estimated cost quickly using historical data.
With AI, the company aims to complete simple claims in days, instead of weeks when the module is launched towards the end of 2019.
Improving customer experience and business outcomes
The advantages to the customer are clear. They can file claims whenever and wherever is convenient and will receive estimates much faster than before.
The app is also valuable to ICICI Lombard from a business perspective. Automating the process reduces the possibility of inaccurate assessments due to human error. And, increased efficiency and productivity improves the bottom line.