Tuesday, 28 September 2021 21:27

Artificial Intelligence in Automotive Claims on Fast Track During Pandemic

Written by Rebecca Barnabi, glassBYTEs.com


...its current state of ‘detect and repair’ to ‘predict and prevent,’ transforming every aspect of the industry in the process,” said the paper, citing McKinsey & Company.


First on the to-do list for AI is automation of the appraisal process and estimation, which, Mitchell said, can improve efficiency and shorten cycle time. Mitchell data shows in April 2020, the use of virtual or photo-based insurance claim estimating more than doubled from earlier in 2020.


A year later, LexisNexis Risk Solutions reported 60% of claims were processed virtually. According to LexisNexis, 70% of insurance carriers are beginning to offer a virtual claims process.


“The successes of AI are also being facilitated by the massive amounts of data we have today. The wealth of data we now create is astonishing, and the speed at which data is generated has only made data management tools like AI even more important,” said the Center for Insurance Policy and Research.


Mitchell also cited the McKinsey & Co. prediction that more than half of claims activities will be replaced by AI-enabled automation by 2030.


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