Machine Learning Is in Charge of Your Insurance Claim
Most major insurance providers use machine learning to manage claims from start to finish.
Hopefully you will never have to file a claim; yet, if an unfortunate event does occur, you will find that a computer is behind you every step of the way. In this article, we will explore how machine learning is used in auto insurance claims from the moment of the accident to the day the customer gets their car back.
In a hypothetical situation, you are driving down the road and a deer runs out in front of you. You attempt to swerve out of the way, but your car collides with the guard rail. Fortunately, both you and the deer have not been injured, but your car is damaged. Your car was using a machine learning mechanism to monitor your speed and G-force. Upon rapid deceleration and deployment of the airbags, the machine learning mechanism recognized that you were in an accident. Your car immediately asks you if you are okay. Speech recognition evaluates your response. If you indicate that you are injured or if there is no response, the insurance company would then dispatch emergency responders to your location. However, in this scenario, you are not injured.
Now that the insurance company has confirmed that you do not need medical assistance, it starts your claim. The app on your phone begins asking you questions about the accident and asks you to take images of the damage. Another machine learning mechanism evaluates the photos by comparing them to similar images of past accidents. Using the actual repair costs of similar damage, the computer generates a quote.
The app shows you several nearby repair shops and asks if you would like a tow truck to be called. Additionally, the app dispatches a rental car agency to bring you a rental car. The app keeps you updated on the repair and calculates an estimated completion date. When the car is ready, you receive an alert and drive to pick up your fixed car.
In this simple scenario, there were several machine learning mechanisms working to ensure your well-being and facilitate the repair of your car. From the sensors in the car to image processors, machine learning helps automate insurance claims and makes our lives more convenient.
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