Admiral Seguros, the Spanish subsidiary of global insurer Admiral, has begun using artificial intelligence (AI) to create damage valuations and to generate an offer of immediate payment on damaged vehicles.
Admiral Seguros says the AI solution, developed by technology company Tractable, accurately evaluates vehicle damage with photos sent through a web application. The app, via the AI, completes the complex manual tasks that an assessor would normally perform and produces a damage assessment in seconds, often without the need for further review.
The company says upon receiving the assessment, it will use it to make immediate payment offers to policyholders when appropriate, allowing them to resolve claims in minutes, even on the first call.
According to Tractable, Admiral Seguros is the first insurer in Spain to use AI to assess vehicle damage.
“Admiral Seguros continues to advance in digitalisation as a means to provide a better service to our policyholders, providing them with an easy, secure and transparent means of evaluating damages without the need for travel, achieving compensation in a few hours,” said Jose Maria Perez de Vargas, Head of Customer Management at Admiral Seguros. “It’s a simple, innovative and efficient claims management process that our clients will surely appreciate.”
“By using our AI to offer immediate payments, Admiral Seguros will resolve many claims almost instantly, to the delight of its customers,” said Adrien Cohen, co-founder and President of Tractable. “This is central to our mission of using artificial intelligence to accelerate recovery, converting the process from weeks to minutes.”
Tractable says its AI uses deep learning for computer vision, in addition to machine learning techniques. The AI is trained with millions of photographs of vehicle damage, and the algorithms learn from experience by analysing a wide variety of different examples. Tractable says its technology can be applied globally to any vehicle, adding that the AI enables insurers to assess car damage, as well as sharing recommended repair operations and guiding the claims management process to ensure claims are processed and settled as quickly as possible.