Use of Artificial Intelligence in Motor Claims The Future is Now

Abstract

Artificial Intelligence (AI) is a powerful technological tool with the potential to transform the insurance industry in manifold ways. Currently it is considered to be the single most important digital innovation of the decade. While AI provides opportunities for insurers to further modernize their business, introduce incredible innovations, effect all-around efficiency and minimize the turn-around time (TAT), implementing AI effectively needs to be handled with adequate understanding of the technology in redesigning of the processes so that AI can be beneficial to the organization/industry. This paper specifically analyses (a) the benefits of AI in motor claims settlements, and (b) a case study on the testing, conducted with one of the AI applications to test its feasibility and adoptability.