Ageas is using artificial intelligence (AI) to create end-to-end assessments and estimates of vehicle damage, which it says is a first for a UK insurance company.
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, said the company, which is headquartered in Eastleigh, UK, and a subsidiary of Ageas Group in Brussels.
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 labor hours, Ageas added.
The AI also rapidly accelerates how quickly those tasks are completed. As a result, by submitting photos as they report an accident by using a smartphone, policyholders can receive decisions on the next steps from Ageas within minutes – even while they are on their initial phone call to the insurer.
After successful UK trials in 2019, Ageas and Tractable said they will now scale the use of the technology to resolve thousands of claims every month.
Tractable’s AI uses deep learning for computer vision, along with machine learning techniques. The AI is trained on many millions of photos of car damage, and the algorithms learn from experience by analyzing a large variety of different examples.
The AI allows insurers to evaluate the damage to a vehicle, based on photos provided by repairers, appraisers or policyholders. Via a platform, Tractable’s AI shares damage estimates and guides the claim process to ensure each claim is processed and settled as quickly as possible.
“At Ageas, we work to make insurance easy for our customers by delivering a best-in-class service. We look to digital innovation to help us deliver this,” said Robin Challand, claims director at Ageas, in a statement.
“We realized 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,” he continued.
“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 policyholder,” commented Adrien Cohen, co-founder at London-based Tractable.
“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 analyze images and pictures – is applied on a commercial basis at scale,” Cohen noted.
Tractable’s AI has processed over $1 billion in auto claims for the world’s top insurers, including Covéa, the largest auto insurer in the French market; Tokio Marine, the largest insurer in Japan; and Talanx-Warta, the second-largest auto insurer in Poland.
Tractable develops artificial intelligence for accident and disaster recovery. Its AI solutions have been deployed by leading insurers across Europe, North America and Asia to accelerate accident recovery for hundreds of thousands of households. Tractable is backed by $55 million in venture capital and has offices in London, New York City and Tokyo.
Ageas provides car, home, travel and smalle business insurance to around five million customers. It offers cover through brokers, affinity partners and its own brands. Ageas UK holds a majority share in Tesco Underwriting, providing home and motor insurance to Tesco Bank customers. Ageas is a wholly owned subsidiary of Ageas Group, which is listed on the Belgium stock exchange.
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