Artificial Intelligence is making its way into the insurance industry as it transforms claims handling. Let’s see how:
Based in Boston, Massachusetts, Galaxy.ai uses artificial intelligence to automate damage detection on vehicles for underwriting and claim estimations. Their application Galacticar functions as a damage cost estimation product, with the help of image analysis, increasing the speed with which claims are handled by prioritizing high-severity claims.
Avvamo features an insurance chatbot that uses artificial intelligence to speed up customer interaction, making the process of handling claims as efficient as it can be. With its streamlined policy analysis, customer support service as well as automated advisory for new policy buyers, Avvamo assists users in various processes and delivers effective solutions for high impact problems.
Insurify, another Boston based company provides its users with a platform to compare, manage and buy insurance online. Insurify uses artificial intelligence to analyze customer data and provide live comparisons of insurance quotes from multiple carriers. Focusing on user profile, insurify creates customized quotes for each user, making it a truly wonderful platform for buying insurance.
Flyreel specializes in underwriting. Its AI-powered technology speeds up the underwriting process by using machine learning to research and analyze data and coming up with effective policies, customized according to each user’s profile. Flyreel also offers detailed property and casualty reports based on each claim, making it a better experience for policyholders that attracts repeat business.
Assessment of property and on-site inspections are a crucial part of adjusting. Cape analytics transcends traditional practices by employing deep-learning and data science to provide important property and risk value information to its users. The data is collected via geospatial imagery which offers better and more accurate results, resulting in a higher quality of data for analysis.
h2o.ai is more of an open-source platform for developers who wish to build smarter applications for various processes in the insurance industry like risk management, fraud detection, claims handling as well as customer service. Their predictive models also feature enhanced AI capabilities for underwriting practices as well as policy quotes.
Trov delves into the realm of digital insurance by developing applications suited to be used by insurance carriers in various verticals of their business. From mobile applications to small business insurance to renters and auto insurance, Trov specializes in a host of insurance sectors.