The insurance industry has access to enormous amounts of customer claims and coverage data. Using Artificial Intelligence, insurance companies can put this data to use for informed decision making, accurate customer profiling, and better risk assessment. With AI and ML, insurers are able to accurately assess damage claims, craft personalized insurance policies, and automate claims settlement.
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Damage Assessment
Inspection is usually the first step in a damage insurance claims process, whether it’s an automobile, mobile phone or property. Assessing the damages to calculate an estimate of repair costs can be a challenging task for insurance providers. Deep Learning models can be used to detect the different types, area, and severity of damage with greater accuracy and automate the claims process.
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Property Risk Assessment
Traditional approaches to property risk assessment might not be able to capture the entire picture. Inspections for risk assessment can be assisted by Artificial Intelligence. The imagery of property and its surroundings can be utilized to determine the risk of future claims. Computer Vision technology helps to detect characteristics like fire hazards, gas leak chances, natural calamity risks, absence of safety features, poor upkeep and existing damages. Insurers can provide coverage to their clients based on this assessment.
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