Submitting a claim can be a painful process. Image recognition can simplify the compensation and intervention process and enhance commercial relationship. Likewise, insuring your house can a lenghty and complicated process. Now, with satellite image recognition, you can insure your house within 2 minutes.
The insurance industry leads the way in its AI implementation. For each and every insureance actor, artificial intelligence and image recogntion present opportunities to offer an enhanced user experience, to optimise costs, or even to free up staff from time-consuming and low added value tasks
Invested in AI
InsurTech in 2019
Image recognition promises in InsurTech
It is time for Insurance big players to implement AI. In 2019, more than 131 young French InsureTech were identified (according to Oliver Wyman)
To make claim submission easier, a recognition algorithm can detect the damaged area and classify the disaster, after taking a photo of the damage with an app. Then, the claim submission and its usually painfully long questionnaire can be automated and only takes up 15 min.
In order to purchase a home insurance, one must answer around 30 cumbersome questions. Simply by informing the postal adress of your home, it is possible to receive a quote in 2 min only. Thanks to satellite image recognition associated to your home, the value of your property can be estimated as well as its associated potential risks such as trees that could fall.
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