Universal Sompo Introduces AI-Powered Tool to Speed ​​Up Auto Insurance Claims Processing

Machine Learning

Universal Sompo has introduced two cutting-edge tools, “Universal i Assess” and “Universal i Gen,” to speed up the auto insurance claims settlement process. These cutting-edge solutions enable adjusters to quickly assess damages and determine claim estimates in real time, significantly streamlining the claims process.

Universal Sompo is a joint venture between Indian Bank, Indian Overseas Bank, Karnataka Bank, Davar Investments and Sompo Japan Inc.

“Universal i Assess” utilizes advanced technologies such as neural network image processing, analytics, machine learning and natural language processing to enable real-time damage assessment. Investigators simply use their smartphones to take images of the vehicle damage, and the AI ​​system automatically identifies the vehicle details, pinpoints the damage and provides an instant claim estimate.

The system leverages neural networks to analyze photos and identify vehicle details such as VIN, make and model to pinpoint exactly where the damage is. Advanced algorithms assess the extent of damage to each part and generate an auto-assessed claim estimate. This streamlined process speeds up claim settlement and reduces the chances of fraudulent claims. Integrated with the Adjuster app, the system aids in the efficient processing of auto damage claims on mobile devices, providing adjusters with a valuable tool to enhance their workflow.

The system helps speed up the claims process and minimize fraudulent claims. By integrating with the adjuster's mobile app, it provides a powerful tool to streamline auto claims processing and increase workflow efficiency.

Meanwhile, 'Universal i Gen' leverages AI and machine learning to provide real-time claim updates to policyholders through various digital platforms like IVR calls, WhatsApp etc. The tool aims to provide a comprehensive view of the claim status, ultimately transforming customer experience into a more satisfying one.

“At Universal Sompo, we are constantly coming up with programs to enhance the claims process for our policyholders. This AI system is another step forward. The use of non-traditional cutting-edge technology helps us break the communication barriers between all the parties involved in the entire claims process, leading to seamless settlement,” said Sharad Mathur, Managing Director and CEO, Universal Sompo.

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