Computer Vision based AI is a recent disruptor in the Insurance Technology domain. VeracityAI provides a damage detection, classification and cost estimation platform for motor insurance claims processing. Our cloud based platform can detect vehicle damage area based on photos captured by Android and iOS mobile devices and estimate cost based on a variety of methods as required by global markets. A mobile interface guides the user through an automated claims generation process that uses state of the art Machine Learning frameworks running on the cloud and the edge devices.
BACKGROUND
In the Insurance field, claim processing is a key focus of customer’s life cycle management. Traditional Insurance practices process claims manually resulting in a lengthy and tedious claim process. Due to the high competition in the industry, the need of replacing traditional methods with efficient and precise alternatives has become important.
PROBLEM
How can Insurance companies more efficiently and accurately process motor vehicle accident claims.
SOLUTION
Computer Vision based AI is used in many fields such as facial recognition, object detection, image searches and optical character recognition. Using AI can greatly boost and automate the process with accurate predictions. Claim processing can be automated by modeling a system which predicts the cost estimation after identifying the damages by object detection.
We developed a cloud based platform can detect vehicle damages based on photos captured by Android and iOS mobile devices and estimate cost based on a variety of methods as required by global markets.
IMPACT
Supplementing the processes with AI based automation enables insurers to be accurate and unbiased while improving the overall user experience of the claims management process.
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