Swiss Re Partners with Insurtech Claim Genius for Efficient Motor Claims Using AI
Swiss Re is partnering with Claim Genius, an insurtech that provides artificial intelligence (AI) insurance claims solutions, to enhance motor claims efficiencies with real-time damage assessment and estimation.
“Swiss Re Solutions aims to deliver world leading claims management capabilities to its cedent clients, helping them lower settlement time and costs, while making the post-accident process fast, fair and frictionless for consumers,” commented Swiss Re’s Global P&C Head Pranav Pasricha.
“Our partnership with Claims Genius helps unlock our global data and tech assets to deliver world leading accuracy and speed in auto-claims damage assessments,” Pasricha added.
“Insurers will be able to use our ‘Smart Claims’ platform to transform their claims process into a 100% automated photo-based damage assessment, delivering reliable loss estimations in a matter of minutes with improved FNOL intake, triage, assessor productivity and settlement variability,” he said. (Editor’s note: FNOL is “first notification of loss.”)
By adopting Computer Vision and AI technology, the insurance industry “is seeing huge upside in efficiency and cost savings,” said Raj Pofale, founder & CEO of Iselin, N.J.-based Claim Genius.
Pofale said Claim Genius’ image and video base analysis enables “end-to-end automation for the motor claims.”
On its website, Claim Genius said it aims to provide touchless claims for carriers, which can provide instant damage estimates and rapid claims processing. The company aims “to reduce claims processing time, increase carrier profitability, and revolutionize the claims experience.”
“Our vision is to make touchless claims a reality and our customers across the globe are very happy to see that our technology is enabling … 100% digitization of their claims process,” Pofale said. “I am excited to see that Swiss Re believes in our technology and [is] taking it to all their European customers.”
About Claim Genius
Claim Genius Inc.’s patent-pending artificial intelligence image analysis and predictive analytics provides an instant damage assessment, condition, and damage estimate from uploaded videos or photos through its easy-to-use mobile app technology. Claim Genius’s mission is to reduce claims processing time, increase companies’ profitability, and revolutionize the claims experience for customers worldwide. In addition to its headquarters in Iselin, N.J., the company also has development centers in Nagpur and Hyderabad, India, and an office in the UK.
Source: Claim Genius