Hey Guys,
My name is Siva Ponnaganti, a Technology leader in the Insurance domain with 22 years of experience. I have built applications by leveraging various technologies: Cloud, Big Data & AI/ML.
Today, I’m going to share my experience on how AI/ML technology can be used in the Insurance industry. Let's take an example of ‘Claims processing of a damaged car’.
(image credit: WEPROOV)
If a car is damaged in an accident, then the Insurance company process the claim by:
The driver submits the claim manually
The Insurance company start processing the claim
The Insurance company will send a specialist for physical inspection of damaged car
The specialist will assess the claim and determine the cost for repair
The specialist will approve the claim
The insurance company will send the payment to the customer
With AI/ML technology, the claims processing of a damaged car is completely transformed.
The driver takes the pictures of damaged parts of the car & upload them
A ML algorithm assess the images of damaged car and determine the repair cost
Automated workflow to send the payment to the customer
As you can see, the processing is drastically simplified due to AI/ML technology. The ML algorithms can detect the damaged parts, identify the severity of the damage, and assess the cost for repair.
Please check the following video (credit: WEPROOV) to get a good understanding of how the AI/ML app can process the images of damaged cars.
The AI/ML technology can be applied in many business areas of Insurance. Stay tuned for more technology updates.
Siva Ponnaganti
Insurance Enterprise Architect