(Image source: Tractable.)
Admiral Seguros (Seville), the Spanish subsidiary of global insurer Admiral Group plc (Cardiff, Wales), is using Tractable’s (London) Artificial Intelligence (AI) solution to create damage valuations and to generate an offer of immediate payment on damaged vehicles. The insurer characterizes the deployment as the first use of AI for this purpose in the Spanish insurance sector.
Tractable solution is designed to accurately evaluate vehicle damage with photos sent through a web application. The app, via the AI, completes the complex manual tasks that an advisor would normally perform and produces a damage assessment in seconds, often without the need for further review, according to a joint insurer/vendor statement. Upon receiving the assessment, Admiral Seguros will use it to make immediate payment offers to policyholders when appropriate, allowing them to resolve claims in minutes, even on the first call.
“Admiral Seguros continues to advance in digitalization 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,” comments José María Pérez de Vargas, Head of Customer Management, Admiral Seguros. “It’s a simple, innovative and efficient claims management process that our clients will surely appreciate.”
“By using our AI to offer immediate payments, Admiral Seguros will resolve many claims almost instantly, to the delight of its customers,” comments Adrien Cohen, co-founder and president, Tractable. “This is central to our mission of using Artificial Intelligence to accelerate recovery, converting the process from weeks to minutes.”
Tractable’s AI uses deep learning for computer vision, in addition to machine learning techniques, according to the vendor. The AI is trained with many millions of photographs of vehicle damage, and the algorithms learn from experience by analyzing a wide variety of different examples. Tractable’s 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, the vendor says.
According to Admiral Seguros, the application of this technology in the insurance sector will be a great step in digitization and will offer a great improvement in the customer experience of Admiral’s insurance brands in Spain: Qualitas Auto and Balumba.