insurance – AI News https://news.deepgeniusai.com Artificial Intelligence News Wed, 25 Mar 2020 05:13:02 +0000 en-GB hourly 1 https://deepgeniusai.com/news.deepgeniusai.com/wp-content/uploads/sites/9/2020/09/ai-icon-60x60.png insurance – AI News https://news.deepgeniusai.com 32 32 IBM Watson speeds up insurance claims by 70 percent https://news.deepgeniusai.com/2019/05/30/ibm-watson-insurance-claims-faster/ https://news.deepgeniusai.com/2019/05/30/ibm-watson-insurance-claims-faster/#respond Thu, 30 May 2019 16:08:54 +0000 https://d3c9z94rlb3c1a.cloudfront.net/?p=5705 Turkey’s oldest insurance firm is using IBM Watson’s AI-powered visual recognition to speed up automotive claims by 70 percent. Anadolu Insurance is using IBM technology for assessing its auto claims – specifically, the IBM Watson Visual Recognition service. On average, Anadolu reviews around 1200 vehicle damage files each day. Manually checking each file was a... Read more »

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Turkey’s oldest insurance firm is using IBM Watson’s AI-powered visual recognition to speed up automotive claims by 70 percent.

Anadolu Insurance is using IBM technology for assessing its auto claims – specifically, the IBM Watson Visual Recognition service.

On average, Anadolu reviews around 1200 vehicle damage files each day. Manually checking each file was a slow and tedious process, but – with 63 percent contradicting the amount of described damage – it’s a vital operation.

Mehmet Abacı, Deputy Chief Executive Officer of Anadolu Insurance, said:

“Insurance is one of the primary industries that are affected by technological developments the most. As the largest and long-established company of Turkey, we are also a leader in the use of technology.

We want to reduce the analysis and repair processes to a few hours by using artificial intelligence in analysis of minor damages in our customers’ vehicles. Before that, we also performed such work and managed to pay our customers for minor housing damages such as glass breakage within five seconds. Now we have also started to use artificial intelligence technology in auto insurance more efficiently.

IBM Watson is helping Anadolu’s customers take optimal photos of their damaged vehicle. Affected parts are identified along with the scope of the damage for the AI to determine whether the parts need repair, replacement, or further expert consultation.

Volkan Sözmen, IBM Turkey Country General Manager, comments:

“We are proud that our long-standing collaboration with Anadolu Insurance has acquired a new dimension with this project. IBM Watson’s visual recognition capabilities will greatly contribute to making Anadolu Insurance’s processes more efficient and hassle-free for its customers.

We believe that this project will not only help the insurance industry gain new momentum, but also change the course of the digital transformation journey.”

Experts from Anadolu Insurance are working alongside IBM’s data scientists to train Watson with the language associated with damages and auto parts; such as buffer, door and mud-guards.

The insurance claims solution is expected to launch for contracted auto repair shops in the second half of this year.

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