And we're talking about Artificial Intelligence and Auto Insurance, in case the title is absurd.
Artificial Intelligence seems everywhere and its power is supposed to dominate everything from cosmetics to politics, from global issue to personal stuff. Briefly, AI is a bandwagon effect that people are keep discussing on and you can't act like you give no "shit" about it. The other side is Auto Insurance, something you're surely not into but you need it if you drive. How thrilling it is to witness the incorporation between these two.
Monitor Driver's Behavior
When it comes to insurance, monitor driver's behavior is not strange. However, several companies are working to innovate their techniques and bring AI to insurance. For example, Progressive Corporation, well-known American insurance company, is now applying machine learning algorithms to driver conduct for use-based insurance purposes.
Their Snapshot program, which runs through a mobile app or plug-in device, encourages drivers to participate by providing an instant discount upon sign-up — with the promise of another discount after the driver finishes the snapshot program for six months and renews their policy with Progressive.
My Journey is another similar program created by MetLife team. This is, however, only available as app and there is no option for plug-in device.
Talk To The Bot
The main focus of ChatBot use in auto insurance is for speedy customer help. The inner chatbot of AllState, ABIe (the AllState Business Insurance Expert), processes more than 25,000 requests per month from AllState insurance agents who need assistance with customer support, leading in shorter waiting times and more pleasant faces from clients.
However, Progressive and GEICO use chatbots that are customer-facing. Progressive's chatbot, named "Flo," is accessible to chat about claims, payment dates, and auto insurance quotes on Facebook Messenger after its famous commercial personality. On the GEICO mobile app, GEICO's virtual assistant, Kate, is also accessible to discuss allegations, payment dates and quotes.
Liberty Mutual and MIT have lately joined into a five-year collaboration to spend $25 million on creating AI-enabled alternatives. Back in 2017, the tech incubator for Liberty Mutual, Solaria Labs, announced the development of the AI Auto Damage Estimator app that does precisely what it looks like — leverages AI to examine uploaded pictures and provide people with a fast post-crash repair assessment.
Earlier this year, China's Ping An P&C introduced a nationwide intelligent car insurance claims solution based on credit. This allows car drivers to create statements by uploading pictures for AI evaluation via their smartphone. The new system is "based on the AI smart claims credit model built with technologies such as image damage assessment, OCR bills identification, and biometrics," as stated by the company.
And voila the end of this article, but remember that it's just the start of AI innovations in auto insurance. Whether you're a techno geek or more-into-nostalgie person, there's no way to get Artificial Intelligence's influence out of this world today.