While there are several firms providing computer vision (CV) solutions for insurance, the industry is not known for its early adoption of new technologies. Technologies that play a part in underwriting and claims processing need to be tried and tested before being deployed due to the adverse effects miscalculating risk and damages can have on an insurer’s bottom line.
Listed below are the major milestones in the journey of CV in the insurance industry, as identified by GlobalData.
2016 – Tractable partnered with Mitchell, a provider of smart technology solutions for claims handling, to integrate its solution with Mitchell’s.
2016 – UBS tested face-reading technology to help clients decide how to invest their money.
2017 – Zurich launched FaceQuote, allowing customers to receive a life insurance quote by uploading a selfie.
2017 – Legal & General launched SelfieQuote powered by Lapetus Solutions, allowing customers to receive a life insurance quote by uploading a selfie.
2018 – Tokio Marine partnered with Tractable to use its CV technology to expedite the motor claims process in Japan.
2018 – Munich Re partnered with Betterview to offer drone imagery, analysis, and reporting to Munich Re’s insurance clients.
2019 – Gen Re developed its NOW app powered by Lapetus Solutions, which allows customers to purchase life insurance using a selfie.
2019 – Aon partnered with Zesty.ai to provide portfolio risk assessments to insurers through Aon’s distribution network.
2019 – ICICI Lombard developed an AI-enabled car inspection feature in collaboration with Microsoft, allowing customers to buy and renew motor insurance policies.
2019 – The Hartford partnered with Cape Analytics to obtain property analytics at the time of quote and renewal.
2019 – Nationwide partnered with Betterview to use Betterview’s predictive roof analytics and risk assessment platform for commercial property renewals.
2020 – Ageas partnered with Tractable to use CV technology to create end-to-end car damage assessments in the UK.
2020 – Travellers enhanced its Traverse app, allowing customers in Texas to get insurance quotes for items like cameras, laptops, and bicycles using Pineapple’s CV technology.
2019 – Admiral Seguros partnered with Tractable to use its CV technology to assess auto damage and resolve claims quickly in Spain.
2020 – Swiss Re and Ping An partnered to develop Smart Claims, a CV-enabled motor claims solution for European customers.
2020 – MS&AD deployed Tractable’s AI damage assessment in Japan via its subsidiaries.
2021 – The Hartford partnered with Tractable to analyse auto damage within its US claims operations.
This is an edited extract from the Computer Vision in Insurance – Thematic Research report produced by GlobalData Thematic Research.