Tracable AI Can Help with Faster Insurance Claims
Let’s face it, it’s always a risk driving on the road because you potentially can get yourself into an accident. Whether it be your fault or the other person’s, you’ll be shaken up and the last thing you on your mind is dealing with the situation at hand. You want to make sure that you’re okay, the other person’s okay and then finally dealing with the daunting task of your auto insurance company.
We already know that filing a common insurance claim is one of the worst experiences that comes along with this situation. You don’t want to wait weeks I hear back from your auto insurance company and deal with the process of the insurance claim I’m waiting for payment. Everything comes to an end once you get that final initial payment from the accident. Granted it wasn’t your fault.
In US alone there are over 220 million drivers both men and women get into accidents although data proves men are riskier drivers over women. Now if you were to quantify that into a monetary value, and amounts over 230 billion dollars that insurance companies have to payout.
Insurance companies are still heavily reliant on the fact that a human has to process the claims for auto insurance appraisals. This experience is quite long especially since the appraiser has to provide the customer with the estimate of damages which can take quite a bit of time. But if you press the insurance company a little bit they’ll be able to get you an insurance estimate much quicker.
But to remain competitive a lot of auto insurance companies are adopting the ability to use artificial intelligence when it comes to appraisals. These Artificial intelligence robots are able to complete an estimate on an appraisal within fractions of how human can do it. This means all data and images are analysed much quicker evidently leaving the customer with a quicker turnaround time for the accident.
A company named Tractable is an AI-driven damage appraisal company. With their bleeding-edge technology, the company is able to determine the types of Damages and the amount it will cost to repair which evidently puts consumers in a position where they’re able to cash out or set up appointments with her insurance company right from their mobile device.
The company was asked how they believe but using AI, mobile appraisal and how can lead to instant payments will benefit the industry.
Julie Kheyfets who is an authority figure in the company Tractable explains “You can capture photos of the damage right on your phone … and you can get an instant estimate right there that’s done by our AI,” she said. “You’re eliminating multiple phone calls, you’re eliminating that first appointment where someone is actually appraising the damage — you take a few photos and you know immediately what the estimate is to repair that car.”
How does it Change Insurance Payouts
It’s a given that insurance companies are still in the early stages of experimenting with artificial intelligence and insurance claims.
Kheyfets Says that artificial intelligence and the insurance industry are getting momentum, and eventually it’ll be to a point where it over shines the appraisal industry where a human has to go in to have the vehicle appraised where they can simply submit a photo and get the damages and costs accessed quickly.