Ageas will use Artificial Intelligence in its motor claims handling, using software to assess damage based on pictures.
The insurer will be using an AI-powered visual appraisal process across thousands of motor claims to identify fraud, save time and pay for claims more accurately.
This is the first time that AI visual appraisal has been used in motor claims handling in the UK and comes as the insurer has decided to partner with insurtech start-up, Tractable.
Greg Gladwell, investor in Tractable told Post: “It’s fantastic to see a successful UK insurtech start-up partnering with a very forward thinking, fast moving, insurer to pioneer new ways of working and break new ground.
“The use of AI on motor accidental damage repair evaluation shows how quickly traditional claims handling is moving forward and I’m sure this will give both Tractable and Ageas additional competitive advantage.”
The technology works by using software to view images of vehicle damage and makes an assessment within seconds, linking with Ageas’s back office in order to streamline handling.
The insurer’s decision to partner with Tractable comes after a successful pilot scheme which was completed in August 2016.
Rob Smale, Ageas’s transformation director, said: “We are comfortable to go against the grain and try new things to ensure we achieve the right outcomes. The results of our initial pilot are impressive and I’m keen to progress to using this technology at scale.”
Following the pilot, Ageas’s engineers will use the AI within their repair networks and manage motor claims.
Alex Dalyac, co-founder and CEO of Tractable, said that the technology could eventually settle claims in minutes: “It will impact any industry that relies on visual tasks. In automotive, where car driving is the visual task, AI and autonomous vehicles are transforming the industry. The same will happen in general insurance, where claim appraisal is the visual task. AI will eventually enable claim settlement in minutes.”
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