Last year brought major attention to artificial intelligence within the auto and insurance industries.
With over 4.5 million car crashes and $871 billion in economic loss and societal harm in the U.S. annually, the impact of AI on the insurance industry will be significant, both in operational improvements and in a better customer experience. Insurance players such as Ageas, Mitchell International and some of the largest U.S. auto insurers are already leveraging AI to impact millions of policyholders.
Related: 3 ways machine learning is transforming insurance
|AI today
2017 saw major insurers testing the waters of AI. Cutting edge computer vision can now automatically assess auto collision damage and determine costs. Repair standards that are jointly set by insurers and repair shops, and applied at scale and consistently by AI, could improve cooperation between both sides to speed up repair times. AI is reducing miscommunication and producing more accurate estimates.
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