US-based Acadia Insurance has partnered with UVeye to enhance the automotive insurance claim process through the use of AI.
This collaboration is expected to enhance the efficiency and accuracy of vehicle appraisals, marking a shift from traditional manual inspections to an AI-driven approach.
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Under the alliance, UVeye’s AI-powered computer vision inspection systems will be utilised to detect a range of issues, from external and mechanical flaws to modifications and foreign objects on vehicles.
This technology promises to refine the appraisal process, offering a high level of precision and detail.
With the integration of UVeye’s systems, the companies expect improved claims management workflow, reducing wait times and providing transparency for customers.
The AI-driven process is also expected to establish a new standard for vehicle damage assessments.
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By GlobalDataAcadia Insurance chief claims officer Keith Gleason said: “Insurance has long been characterised by traditional, manual processes, but this boost of computer vision gives us a glimpse into the future.
“We are proud to work with UVeye to pioneer this transformative AI-driven approach, introducing a new standard in insurance claims management, one that prioritises accuracy, efficiency, safety and ultimately, customer satisfaction.”
UVeye CEO and co-founder Amir Hever said: “We are thrilled to be working with Acadia to pioneer a new era of claims processing powered by AI. Together, we are rewriting the rules of insurance claims management. Drivers will be amazed how simple, accurate and trustworthy the claims process is about to become, making car scrape-ups that much less painful.”
In May 2023, UVeye announced a Series D funding round, securing $100m and bringing its total funding to $200m.
The round was led by Hanaco VC and saw contributions from notable investors including GM Ventures, CarMax, WR Berkley Corporation, FIT Ventures and others.
