Central and Eastern European financial institution PZU has signed a deal to leverage the AI technology of InsurTech platform Tractable to improve its vehicle damage assessments.
PZU, which is the oldest and largest insurer in Poland, will use the AI solution to assess vehicle damage when it is first reported by a policyholder. The platform then analyses the images submitted through the policyholder’s smartphone and evaluates the damage quickly and without the need of human intervention.
Results from the assessment can be made within minutes, letting the customer make quick decisions on how to progress their claim. Policyholders have the option of accepting a cash settlement for the damage, accelerating the whole claim process to just minutes.
This is the first usage of this type of service in Poland’s insurance sector, it claims.
PZU and Tractable have worked together since 2017, with the insurer already using the AI solution to accelerate how quickly it can check how body shops are carrying out motor repairs.
It claims to have processed several hundred thousand claims with the AI-based tools, with a total value of several billion PLN.
Despite the existing partnership, this marks the first time PZU will leverage the InsurTech’s AI Estimating solution at first notice of loss to provide accelerated repair estimates and cash settlement.
The insurer hopes to use the AI new solution in tens of thousands of Polish insurance claims each year.
PZU claims and benefits managing director Grzegorz Goluch said, “This solution helps our customers when they need it the most, i.e. at the moment of damage. The implemented tool is another step in the digitalization of the communication claims handling process. Thanks to the use of artificial intelligence in claims handling, we can meet our customers’ expectations at the highest level. Digital processes in the claims handling process ensure fast and precise valuation and immediate payment of compensation.”
Speaking on the deal, Tractable business development director for Central and Eastern Europe Aleksander Surowiak said, “This is a breakthrough moment for our technology globally, as PZU – one of Europe’s largest and most prestigious financial institutions – will use our AI to accelerate thousands upon thousands of real claims.
“That means our technology will have a material impact, every day, on how quickly Polish insurance claims can be resolved – helping those affected by accidents recover faster.”
Tractable’s AI solution leverages deep learning for computer vision, alongside machine learning techniques. It is trained through millions of photographs for vehicle damage and can learn from examples.
The InsurTech, which became the the first British computer vision-oriented startup to reach unicorn status, has formed a lot of partnerships recently. One of these deals was with Mapfre.
As part of the partnership, Mapfre is using the InsurTech’s AI to assess the damage on vehicle damage claims.
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