The Time for Insurtech is… Now

September 1, 2021 12:49 PM

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.

What’s going on in the insurance industry?

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.

What does AI have to do with insurtech?

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.

AI gives insurance companies the option to properly scan vehicles without the subjective view of a human scanner. This cuts down wait times for people to do the job and guarantees a highly accurate scan.
Improved turnaround time. AI gives you the chance to run through the inspection and scanning process quickly. An individual no longer has to wait the typical 10 days until knowing what type of repair must be done.
An engaging experience. After all, AI is pretty cool. Using the AI process to scan cars can be enjoyable and a great learning experience.
Stay consistent. Unlike us, AI doesn’t get tired or upset. That means you’ll have consistent results regarding what is or isn’t reported, a big problem when it comes to individual human inspection.

Why should insurance companies jump on the AI bandwagon?

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 - The tech that will scan your car and change your business

“Experts estimate there will be up to one trillion connected devices by 2025 . AI and its related technologies will have a seismic impact on all aspects of the insurance industry, from distribution to underwriting and pricing to claims.” (Source: Mckinsey & Company).

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 info@ravin.ai or fill out your details on our web page.

The Time for Insurtech is… Now

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The Time for Insurtech is… Now

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