Washington, D.C. — Artificial Intelligence (AI) has made its way into almost every industry in the world, and auto insurance has been no exception.
At American IT firm CCC, AI is being used every step of the way during the claims process. The company says that, because of AI, it was able to double the number of claims processed in 2020 alone.
Just this past week, Jason Verlen, the senior vice president of product management at CCC, discussed in an interview at the DIGIN’: AI Automation Event how using advanced deep learning AI’s help CCC with claims.
“What we’re trying to do with AI in the insurance space is take a look at those sources of data and see if we can apply these machine learning and deep learning techniques to recognize for example damages on an automobile to predict what kind of injuries people might have, to look at the damages on the automobile and use various forms of intelligence to figure out the parts and the steps we would need to fix it and then take it through the process so decisions are made much more efficiently,” said Verlen.
AI can also be used in business roles to make decisions so that the process of claims can be sped up and made easier. Josh Thompson, P Auto & Property Claims State Auto Insurance, talked about the future of AI in the industry, and how it has revolutionized how insurers deal with claims.
“Over the years it has really advanced and evolved into much more complex decision making and automation capabilities in the digital claims process,” said Thompson. “That’s the way I look at AI today. It certainly has evolved over the last several years to become more impactful and complex but also beneficial.”
Using the photographs from the car accident, AI can figure out a rough estimate on what it is going to cost to get the vehicle repaired, and as AI matures, it is going to be able to predict part replacement and labour hours even before the tow truck gets to the scene.
“The holy grail is the customer is taking those photographs and a very detailed accurate estimate is produced on the back-end of that within just seconds,” said Thompson.
