AI to help Korean insurers assess car accident damage

AI to help Korean insurers assess car accident damage | Insurance Business

AI to help Korean insurers assess car accident damage

The Korea Insurance Development Institute (KIDI) is developing an AI-based system that will help insurers calculate the costs of vehicular accidents quicker.

KIDI has announced that it is already in the first phase of developing the artificial intelligence, according to a Pulse News report. The system, dubbed Automobile repair cost On-line Service-α (AOS-α), will analyse images of the vehicular damage to estimate costs.

According to the institute, it has been working on the program since September 2018, and has achieved an 81% matching rate from the actual damage costs during tests. AOS-α can also recognise the involved vehicles’ licence plates and look up insurance data, which helps insurers process claims in less time. Previously, manual assessment of damage and cost calculation could take months.

Insurers are expected to conduct another round of tests in the second half of 2019. KIDI aims to gather substantial amounts of data from these tests, which will be used to further refine the artificial intelligence.