IBM Watson speeds up insurance claims by 70 percent

IBM Watson speeds up insurance claims by 70 percent
Ryan is an editor at TechForge Media with over a decade of experience covering the latest technology and interviewing leading industry figures. He can often be sighted at tech conferences with a strong coffee in one hand and a laptop in the other. If it's geeky, he’s probably into it. Find him on Twitter: @Gadget_Ry

Turkey’s oldest insurance firm is using IBM Watson’s AI-powered visual recognition to speed up automotive claims by 70 percent.

Anadolu Insurance is using IBM technology for assessing its auto claims – specifically, the IBM Watson Visual Recognition service.

On average, Anadolu reviews around 1200 vehicle damage files each day. Manually checking each file was a slow and tedious process, but – with 63 percent contradicting the amount of described damage – it’s a vital operation.

Mehmet Abacı, Deputy Chief Executive Officer of Anadolu Insurance, said:

“Insurance is one of the primary industries that are affected by technological developments the most. As the largest and long-established company of Turkey, we are also a leader in the use of technology.

We want to reduce the analysis and repair processes to a few hours by using artificial intelligence in analysis of minor damages in our customers’ vehicles. Before that, we also performed such work and managed to pay our customers for minor housing damages such as glass breakage within five seconds. Now we have also started to use artificial intelligence technology in auto insurance more efficiently.

IBM Watson is helping Anadolu’s customers take optimal photos of their damaged vehicle. Affected parts are identified along with the scope of the damage for the AI to determine whether the parts need repair, replacement, or further expert consultation.

Volkan Sözmen, IBM Turkey Country General Manager, comments:

“We are proud that our long-standing collaboration with Anadolu Insurance has acquired a new dimension with this project. IBM Watson’s visual recognition capabilities will greatly contribute to making Anadolu Insurance’s processes more efficient and hassle-free for its customers.

We believe that this project will not only help the insurance industry gain new momentum, but also change the course of the digital transformation journey.”

Experts from Anadolu Insurance are working alongside IBM’s data scientists to train Watson with the language associated with damages and auto parts; such as buffer, door and mud-guards.

The insurance claims solution is expected to launch for contracted auto repair shops in the second half of this year.

Interested in hearing industry leaders discuss subjects like this and their use cases? Attend the co-located AI & Big Data Expo events with upcoming shows in Silicon Valley, London, and Amsterdam to learn more. Co-located with the IoT Tech Expo, Blockchain Expo, and Cyber Security & Cloud Expo.

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