In what is claimed to be a first for the Spanish market, Admiral Seguros, the Spanish subsidiary of global insurer Admiral, is using Artificial Intelligence (AI) as part of its motor insurance offering.
The AI offers valuations and generates an offer of immediate payment for damaged vehicles.
The AI solution, developed by venture capital-backed technology company Tractable, evaluates vehicle damage with photos sent through a web application.
The app, via the AI, completes the manual tasks that an advisor would normally perform and produces a damage assessment in seconds.
Upon receiving the assessment, Admiral Seguros uses it to make immediate payment offers to policyholders when appropriate, allowing them to resolve claims in minutes.
José María Pérez de Vargas, head of customer management at Admiral Seguros, said: “Admiral Seguros continues to advance in digitalisation as a means to provide a better service to our policyholders, providing them with an easy, secure and transparent means of evaluating damages without the need for travel, achieving compensation in a few hours.”
“It’s a simple, innovative and efficient claims management process that our clients will surely appreciate.”
Tractable’s AI uses deep learning for computer vision, in addition to machine learning techniques.
The AI is trained with millions of photographs of vehicle damage, and the algorithms learn from experience by analysing a wide variety of different examples.
Tractable’s claims its technology can be applied globally to any vehicle.
The AI enables insurers to assess car damage, shares recommended repair operations, and guides the claims management process to ensure these are processed and settled as quickly as possible.