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Swiss Re to collaborate with Claim Genius for improving Motor Claims.

Insurance CIO Outlook | Monday, January 03, 2022

Swiss Re is partnering with Claim Genius to improve its vehicle claim efficiencies using artificial intelligence.

FREMONT, CA: With the aim to improve vehicle claim efficiencies through real-time damage evaluation and estimation, Swiss Re is collaborating with Claim Genius, an insurtech that offers artificial intelligence (AI) insurance claims solutions. Pranav Pasricha, Head of Swiss Re's Global P&C stated that Swiss Re Solutions intends to provide its clients with world leading claims management capabilities, along with assisting them in reducing settlement time and costs while making the post-accident process fast, fair, and frictionless for consumers. Further he added that their partnership with Claims Genius enables them to leverage its worldwide data and technology capabilities to provide globally leading accuracy and speed in auto-claims damage assessments.

According to Pranav, insurers will be able to use their Smart Claims platform to transform their claims process into a completely automated photo-based damage assessment, providing reliable loss estimations with improved FNOL intake, triage, assessor productivity, and settlement variability in a matter of minutes. Furthermore, Raj Pofale, founder and CEO of Iselin, N.J.-based Claim Genius said that the insurance sector is facing enormous upside in efficiency and cost savings after implementing Computer Vision and AI technology. He also stated that the image and video base analysis of Claim Genius provides end-to-end automation for the motor claims.

Claim Genius states on its website that it seeks to give carriers with touchless claims that can deliver instant damage estimates and rapid claims processing. The company intends to improve carrier profitability, easen claims processing time, and revolutionize the claim experience. Conclusively, Pofale said that they were excited to collaborate with Swiss Re as they believe in their technology and are taking their offerings to the next level by introducing it to their European customers. The company’s vision is to make touchless claims a reality and expand their clients worldwide and to make their claim processes completely digitized by using their technology.

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