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Ageas to offer “UK first” artificial intelligence claims handling

Ageas to offer “UK first” artificial intelligence claims handling | Insurance Business

Ageas to offer “UK first” artificial intelligence claims handling
Artificial intelligence – those two words have generally placed fear into the hearts of insurance staff who worry the “robots are coming” and their jobs may be on the line.

However, now one insurer says it is using artificial intelligence here in the UK to make claims handling more effective than ever.

That insurer is Ageas, which has struck a partnership with Tractable, the AI technology specialist, to use artificial intelligence to perform an expert visual appraisal for motor claims handling in the UK. The insurer believes it has the potential to “save time, contain costs… and improve customer outcomes.”

“Our market leading operating method – the Ageas Way – is based on continually seeking new and different ways to achieve a great claims service for our customers,” said Ageas claims director Rob Smale. “The results of our initial pilot are impressive and I’m keen to progress to using this technology at scale.”

Ageas carried out a first-stage pilot back in 2016 that involved an analysis of several thousand vehicle images. Its engineers were able to verify the findings of the artificial intelligence and concluded that repair efficiencies could be minimised, leading to cost savings.

“Our AI understands imagery like experts do,” stated Alex Dalyac, co-founder and chief executive officer of Tractable. “It will impact any industry that relies on visual tasks. In automotive, where car driving is the visual task, AI and autonomous vehicles are transforming the industry. The same will happen in general insurance, where claim appraisal is the visual task. AI will eventually enable claim settlement in minutes.”

According to both firms, the approach could reduce the lifecycle of claims and slash costs for insurers – while also boosting customers because they can get their vehicle back sooner and benefit from cost savings.

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