Telematics-powered auto insurance is a form of policy in which insurance companies rely on in-car tracking devices to monitor your driving habits and tendencies. These devices track your vehicle’s speed, mileage, total driving time and other factors to help determine the policyholder’s car insurance premiums.
In motor policy risk underwriting, insurance companies have historically considered attributes such as age, driving experience, driving record of the applicant, characteristics of the motor vehicle, current and proposed mileage, anti-theft, anti-lock braking systems, among other factors for the estimation of risk.
However, all of these attributes save for the first three, are more likely…
Data is transforming the way we live and how consumers engage with service providers.
Now is the time for the insurance industry to leverage AI technology to unlock the power of data and provide personalized services that customers demand to retain them as loyal customers.
AI technology provides insurers with the data that is needed to streamline the claims process, while reducing costs to pass savings off to customers. Leveraging data from advanced technologies to better understand drivers and accidents drives customer retention, brand loyalty and savings.
The global automotive AI market share is touted to increase by USD 10.73…
Fewer and fewer sectors today are holding out when it comes to artificial intelligence. That latest convert: The Car Rental Industry. AI offers undeniable advantages when it comes to assessing the state of a vehicle.
Despite the technological advancements, routine tasks, such as rental car inspections, continue to remain manual and labor-intensive. Fortunately, Artificial Intelligence and Deep Learning technologies are bridging this gap.
Here’s a look at how rental car inspection automation using AI can make the car rental process painless:
Usually manual car inspections follow a strict SOP , which includes paperwork and hours of manual work. And accuracy…
The Solar industry has experienced tremendous growth in past years, with the percentage of solar installations increasing day by day.
However, there are many unexpected challenges with solar electrification that entrepreneurs are learning about while doing business in these sectors, including installation and maintenance, deployment remote locations, and high cost.
Installation and maintenance, in particular, is often underemphasized, but it is just as important as the other challenges that make solar-powered electrification a tricky prospect.
One major hurdle for installing solar panels is the lack of skilled workers to do the job. Some companies are hiring and training dedicated installation…
In the age of digital disruption, what sufficed as best practices in selling a used car 10 years ago or even 5 years ago-no longer applies in present scenario.
When dealing with used cars, the buyers doubt increases, due to the lack of transparency of a specific used vehicle’s maintenance , damage and repair history. These challenging factors are compounded by increased competition in the dealership marketplace.
With the advent of Computer vision and Artificial Intelligence (AI) platforms, both buyers and dealers can benefit in just a matter of minutes.
Computer Vision based-Vehicle Damage Assessment system can detect multiple types…
Artificial Intelligence within the Insurance industry has overhauled the claims management process by making it faster, better, and with fewer errors.
While faster claims processing is a desired goal for most insurance companies, speed comes with the potential risk of paying more fraudulent claims.
Most Insurers are aware of this problem, which is why they’re looking to leverage artificial intelligence to detect fraudulent activities in insurance claims.
But to incorporate those AI technologies into claims fraud management, it’s important to understand the three critical components of operationalizing them!
Developing algorithm for AI claims require a lot of data. The more…
Claims automation, powered by AI-driven InsurTech solutions, has been presented as the solution to all the woes associated with inefficient and sluggish claims processes.
Manual inspection and processing of vehicle damage are inefficient, not to mention error-prone. Sometimes it can result in biased decisions and cause the company to lose more in claims than expected.
The manual inspection process also needs more time to settle the claim. Faster claim settlement is one of the top three requirements of customers taking an insurance plan. Solving the issue will provide them a better experience.
Augmented reality is a game changer, not just in classrooms, but in the training industry as a whole!
Augmented reality is bridging gaps by improving learning engagement and retention in real time while delivering real business benefits.
According to IDC, business leaders using AR are experiencing greater efficiency, increased safety and improved knowledge transfer among employees.
As the technology landscape changes, global workplaces are finding new ways to help their employees thrive. Today’s technology allows for more immersive and enriching ways to share and scale knowledge.
Augmented reality (AR) technology provides employers with richer and more cost-effective options for on-the-job…
Artificial Intelligence is the creation of machines to work and react like humans, while Augmented Intelligence is using those same machines with a different approach — to enhance the human worker.
Indeed, Augmented Intelligence involves people and machines working together, playing to their own strengths to achieve greater business value. In other words, the primary objective of Augmented Intelligence is to empower humans to work better and smarter.
Augmented intelligence is a design pattern for a human-centered partnership model of people and artificial intelligence (AI) working together to enhance cognitive performance, including learning, decision making and new experiences.
Insurtech, short for insurance technology, is a term used to refer to technology designed to enhance the operations of insurance firms and the insurance industry as a whole. Insurance companies are leveraging technologies such as big data, artificial intelligence, consumer wearables, and smartphone apps to transform the way they do business.
Insurtech enterprises cooperate with augmented reality developers to build brand new solutions that would allow them to increase the proficiency of their business.
By exploring and adopting this AR technology, companies strive to get a competitive advantage over other market players.
Accenture estimates that Insurers can reap 10–20% more…