Economical Insurance extends partnership with Solera

Economical Insurance extends partnership with Solera | Insurance Business Canada

Economical Insurance extends partnership with Solera

Economical Insurance – together with its fellow Definity companies Sonnet Insurance and Family Insurance Solutions – has renewed its multi-year agreement with the auto lifecycle management platform Solera.

According to Economical, the renewal of its partnership with Solera will enable the insurer to continue to utilize the latter’s visual intelligence (VI) and machine learning (ML) platform for advanced AI-driven workflow management. The insurer also noted that this alliance helps position it to be an early adapter of VI/ML in Canada.

Solera’s platform is powered by Guided Image Capture (GIC), a customizable Qapter image processing module that automatically detects damage on vehicles based on photos.

"We are honoured to collaborate with Economical on its innovation journey. Solera's data and technology have enabled us to deliver AI-powered solutions and make the vision of touchless claims an improved experience for policyholders,” said Solera EVP, claims and after market, Tony Graham. “Our commitment to the industry and the Canadian market is firm and we will continue to strive every day to earn our customer's trust.”

"Making a claim for a vehicle can be a complicated process with many stakeholders, but at Economical we are trying to find ways to make this simpler and more efficient for our brokers and customers," added Economical senior vice president of claims Hans Reidl. "With Solera as our partner of choice, we're able to use technology solutions and intelligent data to adopt new AI technologies that can enable us to deliver an improved experience for our customers facing a claim."

A company release noted that Economical was the first Canadian insurer to introduce image capture-based claims processing, by adopting Solera's AI-driven decision-support platform AudaTarget, which improves the repair shop assignment process in auto insurance claims.