Once upon a time, car insurance was a complex thing. In order to buy an insurance policy or to file a claim, you had to undergo an arduous process through an agent or directly with the insurance company. As if dealing with an accident wasn’t enough of a headache on its own, processing the claim itself and getting the car repaired became an endless adventure.
Luckily, the industry is changing thanks to significant tech advances, bringing both efficiency and better customer service.
The world has gone digital. While this isn’t specific to the insurance industry, the effect of digital transformation on the industry has been significant. Rich data and artificial intelligence have enhanced the claim process on all sides, removing human error and judgment and allowing claims to be processed faster and more accurately. Furthermore, customers have the chance to purchase, upgrade and change policies online, a situation that may have seemed almost unimaginable in the past.
AI has the potential to reshape the claims process and allow companies to begin focusing on prevention, mitigation as well as risk monitoring. Real-time information makes the process transparent, something that is missing today. When it comes to large-scale disasters, AI combined with IoT gives insurance companies the chance to monitor in real-time, estimate the loss in emergencies, and be prepared for the onslaught of claims.
The prevalence and popularity of AI in the tech scene today have greatly benefited the car insurance industry.
The benefits are widespread. Here are a few of our top benefits of combining insurtech with AI.
A quick, accurate, and cheap(er) scan is just about the dream of any insurance company.
With the number of claims coming into insurance companies today, the ability to use AI and computer vision to speed up the process means happier customers and at the end of the day, a better bottom line.
Insurtech is the future and insurance companies that want to stay at the top of the field must adapt up-and-coming technologies and practices including AI and computer vision.
Ravin’s groundbreaking technology is changing the insurtech scene by making claim settlement easier, removing risks from the books, and enabling a superior customer experience.
With high demand for successful AI solutions, Ravin continues to work with new companies from insurance companies to rental, fleet, and more, making the digital transformation affordable, seamless, fast, and smooth. Interested in a demo? Ping us at email@example.com or fill out your details on our web page.