Damage assessment in an auto accident is the key factor that determines the auto claims payout. An accurate and timely payout estimate ensures that the customers receive the settlement reasonably quickly, as they are more likely to accept a fair estimate early in the cycle. The advantages of better assessment accumulate over time, leading to a positive impact on the bottom line with lower costs and shorter cycle times.
A typical damage assessment process requires many steps, multiple parties’ involvement, and includes many touchpoints. Inaccurate assessment at the beginning of the cycle can lead to many outcomes that may mean a longer cycle, leading to increased cost and stress on resources, including:
- Incorrect assignment of the claims adjudicator, requiring re-assessment or reassignment
- Customer contesting the payout offer placed before them, lengthening the cycle
- Discrepancies between damage assessment and actual repair report
- Inaccurate reserving
AI Drives Efficiency and Accuracy with Automation and Analytics
Using an AI-powered solution with the right capabilities built in to offer a robust damage assessment report can streamline the entire claims settlement process and bring down cost and cycle times. According to McKinsey Research, the headcount related to claims processing has reduced by 70-90% with AI-driven automation compared with the numbers of 2018.
The concern about the human touch is also unfounded, as today’s customers are more open to receiving automated reports about their claims. Getting updates about the damage assessment and other findings makes them feel involved in the process and this engagement leads to higher customer satisfaction and retention.
InsurAnalytics’ decision-making platform for touchless claims handling uses computer vision to automatically detect the shape, material, damage, and rust of a vehicle. The neural nets are trained to read images and scanned notes to extract, analyze, and convert them into machine-readable text to provide insights to aid and speed up the adjudication process. We are bringing P&C insurers into the digital world with codeless integration.
The platform’s multi-pronged deep learning techniques deliver robust image segmentation and object detection capabilities. These capabilities make room for more accurate routing of a claim early in the cycle, which leads to better segmentation and helps insurers keep track of their reserving requirements.
InsurAnalytics’ Step-by-Step Touchless Claims Damage Assessment Process
The Features and Benefits of the InsurAnalytics AI Platform
The platform’s AI-guided workflow has many significant features embedded in it that offer a range of outstanding benefits:
Image Classification: The InsurAnalytics platform’s deep learning algorithms are trained on volumes of estimated claims data and images to assess and classify incident images to reduce human efforts accurately.
Benefit: Faster processing due to quick classification of claim type (straight-through, further investigation required, etc.)
Hidden Damage Detection: The deep learning capability of the platform is able to extract information from the image as well as other data sources (such as historical, auditor notes, or repair reports) and correlate patterns to generate a probable list of damages that may have occurred but are not visible on the surface.
Benefit: By including hidden damages cost so early in the cycle, the final payout estimate becomes more accurate, leading to quicker settlement.
Severity Analysis: The platform analyzes the severity of the accident using a combination of image segmentation, object detection, and incident-related reports. It then classifies the accident as a minor, major, or total loss incident, and accordingly calculates the repair and replacement effort for restoring the vehicle.
Benefit: Knowing the severity of the damage upfront prepares the next point of action accordingly, streamlining the settlement process and making it more efficient.
Prediction and Recommendation: InsurAnalytics’ AI platform leverages its machine learning algorithms to contextualize all relevant data from all sources, including public, historical, FNOL, and adjuster reports. The platform uses publicly available information, such as weather conditions, historical data like customer’s previous claims, and geographical data, to determine the authenticity of the claim and then offers insights about ways to settle the claim that is in the best interest of all parties.
Benefit: The ultra-secure platform predicts the most appropriate actions, such as:
- To go for repair or write it off as a total loss
- The most acceptable payout for the customer
- Best auto shop in the area for repairing the damage
A Step Further: Touchless Claims Settlement With AI Platform
As chances of missing information during the initial image assessment become low with AI/ML technology, the payout estimates become more accurate. After customer approval, the claim payout can be delivered directly to their bank accounts.
With all the correct data, our AI platform automates all significant processes of claims adjudication and provides a touchless experience. In the current global context of the COVID-19 pandemic, the ability to deliver a touchless experience that can also lead to higher customer satisfaction is not just a desirable feature, but a must-have for an insurance company looking to maintain its market share and competitive edge.