Ageas has begun to use artificial intelligence (AI) technology to help manage its motor claims, thanks to a new partnership with AI specialist Tractable.
In what it describes as a first for the UK market, Ageas said the technology is now being used to help Ageas engineers verify the performance of its UK-wide repair networks in managing customers’ motor claims.
Ageas completed a successful first-stage pilot at the end of 2016, which performed analysis of several thousand vehicle images involved in accidents or requiring repair. Ageas’ motor engineers were able to verify the findings of Tractable’s AI technology, called AI Approval.
The pilot found “that repair efficiencies in a proportion of claims could be realized, enabling cost savings and engineers to focus on more complex matters,” said Eastleigh, England-based Ageas, which in 2015 was the third largest motor insurer in the UK (according to statistics from the Association of British Insurers).
“The results of our initial pilot are impressive, and I’m keen to progress to using this technology at scale,” said Ageas’ Transformation Director Rob Smale. (The company explained that the recent live roll-out of the technology is part of an ongoing pilot).
AI Claims Technology
How does Tractable’s claims technology work? AI Approval connects with insurers’ back office systems to streamline claim management processes, which reduces the average claims life-cycle and insurer costs for insurers, explained London-based Tractable in a statement.
After viewing images of vehicle damage, AI Approval makes an assessment within seconds, streamlining a traditionally manual process. “Repair estimates can be quickly reviewed and authorized, ensuring reliability and speed throughout the claims process for all,” Tractable said.
It also identifies and flags any suspicious claims for investigation to help prevent fraud, said the company, noting, however, that policyholders also benefit because they get their vehicles back more quickly.
“Our AI understands imagery like experts do. It will impact any industry that relies on visual tasks,” said Alex Dalyac, co-founder and CEO of Tractable.
“In automotive, where car driving is the visual task, AI and autonomous vehicles are transforming the industry, he said, emphasizing that the same will happen in property & casualty insurance, where claim appraisal is a visual task.
“AI will eventually enable claim settlement in minutes,” Dalyac affirmed.
Ageas UK’s parent company, Ageas Group, is an international insurance group that provides life and non-life products to retail and business customers. With a total workforce of more than 40,000 people, the company operates in 16 countries Belgium (where it is headquartered) the UK, Luxembourg, France, Italy, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines.
Source: Ageas
*This story appeared previously in our sister publication Insurance Journal.