Zurich and Ageas implement AI in Claims
The Swiss insurer has been using robots since March to speed up its claims processing. On accuracy. “Accuracy has improved. Because it’s machine learning, every new claim leads to further development and improvements”. On competition. “None of the technology companies so far have taken insurance risk on their balance sheet, because they don’t want to be regulated. You need the balance sheet to be able to sell insurance and take insurance risk”. That’s Tom de Swaan for Reuters. Speaking of claims, London-based startup Tractable is friends with Ageas. The insurer is using the startup’s AI software in its auto claims workflow. Recall: Tractable’s software is supposedly really good at reviewing images of damaged vehicles and later providing cost estimates for repairs. It can also detect suspicious claims. At this point, Ageas is using the tech to analyze images and verify the performance of its UK-wide repair networks in managing customers’ auto claims. In the future, it can use the software to “enable claim settlement in minutes”.