Ageas takes lead on AI for assessments, estimates
- March 27, 2020
- Posted by: Simon Wait
- Category: Industry News
Ageas has become “the first UK insurer to employ artificial intelligence to create end-to-end assessments and estimates of vehicle damage” , it was announced today.
Ageas is using an AI solution developed by technology company Tractable to support some of the complex tasks that a human assessor would normally carry out when evaluating vehicle damage. For example, the AI identifies which parts of the vehicle have been affected and to what extent, and generates a full estimate including recommended repair, paint and blend operations, as well as costs and labour hours.
The AI also accelerates how quickly those tasks are completed. By submitting photos on their smartphone as they report an accident, policyholders can receive decisions on the next steps from Ageas within minutes – while they are on their initial phone call to the insurer.
After successful UK trials in 2019, Ageas and Tractable will now scale the use of the technology to resolve thousands of claims every month.
Robin Challand, claims director at Ageas, said: “We realised that Tractable’s cutting-edge technology could make a real difference to our customers in the aftermath of an accident and by using Tractable’s AI we have improved our claims experience by supporting customers when they report claims and assisting our repairers in the early assessment of what’s required.”
Adrien Cohen, co-founder at Tractable, said: “By harnessing AI at the beginning of the claims process to assess damage and generate estimates, we accelerate every part of it, creating efficiencies for the insurer and greater clarity for the policy holder.”
“It’s the first time that a UK insurer is using AI to generate end-to-end estimates, and is a breakthrough in how computer vision – using computers to see and analyse images and pictures – is applied on a commercial basis at scale,” Cohen added.