Insuranceciooutlook

3 Game-Changing Prospects of Machine Vision in Insurance

By Insurance CIO Outlook | Monday, September 07, 2020

The cognitive prowess of machines is at an all-time high, spelling fundamental changes in the way the insurance industry operates.

FREMONT, CA: The insurance industry has done well to respond and adapt to transformative technologies. In the era of digitalization, being innovation-oriented serves the cause of insurance carriers in numerous ways. The example of how artificial intelligence applications are changing conventions in the insurance industry drives the point home. Machine vision, empowering computers with real-time perception and analysis capabilities, is especially significant in the context of insurance. By investing in machine vision, insurers can convert arduous, time-taking tasks into simple, automated ones. The following list presents three ways in which machine vision aids insurance companies.     

• Simplifying Property Assessment for Claims Processing

When customers file claims citing damage to property or roof, claim adjusters have to first visit the site and assess the situation. Manually measuring the damage is considerably challenging and often results in injuries to the adjusters. If insurance companies use drones equipped with machine vision, instead, the task becomes many times simpler, highly efficient, and safe. Drones can survey inaccessible regions and use photogrammetric imaging to develop 2D or 3D models for claim assessments. 

• Photo-based Claims Evaluation for Vehicle Damage

When there is damage to insured vehicles, vehicle owners can file a claim immediately by uploading pictures. Once these photos are accessible to a claims adjuster, claims processing can begin. With advancements in AI and machine vision, insurers are now able to automate this process further and reduce dependence on manual adjusters. Digital solutions can analyze the received images to evaluate the damage and come up with claims amounts.

• Enhanced Risk-Management Capabilities

Computer vision is enabling insurance companies to optimize risk management. With efficient risk management, it is possible to lower risks and thereby reduce the chances of claims being filed. Systems equipped with machine vision can detect threats and convey alerts to prevent accidents.

With machine vision, insurance companies can chart a course towards futuristic capabilities that result in better customer experience, as well as enhanced profitability.

See Also: Top Machine Vision Technology Companies

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