Swiss Re has partnered with InsurTech firm Claim Genius to introduce an AI-powered solution for motor claims.
According to Reinsurance News, Swiss Re hopes to bring more efficiency to the motor claims process by using real time AI damage assessment and an estimation platform.
Claim Genius integrates with insurance carriers, third-party loss adjusters, repair shop networks and auto leasing firms. The company’s technology has been piloted by more than 15 customers across the US, Canada, the European Union, Southeast Asia and India.
Swiss Re global head of property and casualty Pranav Pasricha said, “Swiss Re Solutions aims to deliver world leading claims management capabilities to its Cedant clients helping them lower settlement time and costs, while making the post-accident process fast, fair and frictionless for consumers.
“Our partnership with Claims Genius helps unlock our global data and tech assets to deliver world leading accuracy and speed in auto-claims damage assessments. Insurers will be able to use our ‘Smart Claims’ platform to transform their claims process into a 100% automated photo-based damage assessment, delivering reliable loss estimations in a matter of minutes with improved FNOL intake, triage, assessor productivity and settlement variability.”
Claim Genius founder and CEO Raj Pofale added, “By adopting Computer Vision & AI technology Insurance industry is seeing huge upside in efficiency & cost savings. At Claim Genius we are continually innovating our AI platform with image & Video base analysis enabling the end-to-end automation for the motor claims.”
“Our vision is to make touchless claims a reality and our customers across the globe are very happy to see that our technology is enabling them for 100% digitization of their claims process. I am excited to see that Swiss Re believes in our technology and taking it to all their European customers.”
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