Tuesday, April 23, 2024

Vehicle Damage Insurance Using Artificial Intelligence

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Using deep learning techniques, the AI solution gains experience for accurately assessing the vehicle damage

Admiral Seguros, the Spain-based subsidiary of global insurer Admiral has announced that it is using Artificial Intelligence (AI) to create damage valuations and generate an offer of immediate payment on damaged vehicles.

By using an AI solution developed by the technology company Tractable, Admiral Seguros aims to accurately evaluate vehicle damage with photos sent through a web application. The app, via the AI, completes the complex manual tasks that an advisor would normally perform and produces a damage assessment in seconds, often without the need for further review.

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Upon receiving the assessment, Admiral Seguros will use it to make immediate payment offers to policyholders when appropriate, allowing them to resolve claims in minutes, even on the first call.

Rigorous Training

The developed AI solution uses deep learning for computer vision, in addition to machine learning techniques. It is trained with millions of photographs of vehicle damage and the algorithms learn from experience by analysing a wide variety of different examples, allowing it to be implemented globally to any vehicle.

The AI enables insurers to assess car damage, share recommended repair operations and guide the claims management process to ensure these are processed and settled as quickly as possible.

“Admiral Seguros continues to advance in digitalisation as a means to provide a better service to our policyholders, providing them with an easy, secure and transparent means of evaluating damages without the need for travel, achieving compensation in a few hours. It’s a simple, innovative and efficient claims management process that our clients will surely appreciate,” said José María Pérez de Vargas, Head of Customer Management at Admiral Seguros.

“By using our AI to offer immediate payments, Admiral Seguros will resolve many claims almost instantly, to the delight of its customers. This is central to our mission of using Artificial Intelligence to accelerate recovery, converting the process from weeks to minutes,” said Adrien Cohen, co-founder and president of Tractable.

According to Admiral Seguros, the application of this technology in the insurance sector will be a great step in digitalisation and will offer a great improvement in the customer experience.


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