Moscow. October 26, 2021
Original article Fintech Finance
Everyday Renaissance Insurance settles hundreds of motor insurance claims, and one of the most important elements of the process is damage assessment. Until now it was carried out by company's experts or contractors performing an independent examination. In the existing process the quality of calculations, as well as the cost, was high, while the speed always had certain limitations.
After conducting a large-scale detailed testing, carried out on several hundred cases, the insurance company decided to introduce an AI based solution for damage recognition and calculation provided by MAINS Lab. The technology is based on computer vision: system determines affected parts and severity of the damage, predicts hidden damages, identifies the necessity to remove and install damaged and concomitant parts for repair, updates catalog numbers, recognizes VIN number, reads odometer for mileage, recognizes data from registration documents, prepares a report for determined repair actions and a calculation of costs. The introduction of this technology will further improve the level of customer service by speeding up the settlement process and increase operational efficiency for the Insurer.