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MICROSOFT CORPORATION

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Microsoft : AI takes the pain out of car insurance in India

05/28/2019 | 02:49pm EDT

When a customer's vehicle is damaged in an accident, they must surrender it to a service center so a service engineer can assess the damage and provide an estimate for repair. Then, an insurance personnel examines both the car and the estimate, and either approves, rejects or modifies individual parts of the estimate.

Compare that to the new, AI-driven process; a customer will use the app to take photographs of car's damage. Once uploaded, the system's deep learning model and computer vision identifies in real time all the parts of the vehicle, like roof, window or bumper and then spots all the different types of damage - be it scratch, dent, crack, and so on. Most importantly, the app replies with an estimated cost quickly using historical data.

With AI, the company aims to complete simple claims in days, instead of weeks when the module is launched towards the end of 2019.

Improving customer experience and business outcomes

The advantages to the customer are clear. They can file claims whenever and wherever is convenient and will receive estimates much faster than before.

The app is also valuable to ICICI Lombard from a business perspective. Automating the process reduces the possibility of inaccurate assessments due to human error. And, increased efficiency and productivity improves the bottom line.

Disclaimer

Microsoft Corporation published this content on 28 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 May 2019 18:48:04 UTC


© Publicnow 2019
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Satya Nadella Chairman & Chief Executive Officer
Bradford L. Smith President & Chief Legal Officer
Amy E. Hood Chief Financial Officer & Executive Vice President
James Kevin Scott Chief Technology Officer & Executive VP
Gina L. Loften Chief Technology Officer
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