Any accident involving a vehicle, no matter how slight, is a hassle for all involved. A rapid response from the insurance company that reduces vehicle repair or indemnity time frames can translate into a radical improvement in the overall customer experience.
MAPFRE will now apply Tractable’s AI to its auto cliams, with the goal of helping its customers recover faster from minor auto damage. The solution, which will first be applied at MAPFRE’s operations in Brazil, will accelerate how qucikly it can return vehicles to customers after an accident by as much as two weeks.
As part of the collaboration, MAPFRE and Tractable have deployed a unique AI model that uses photographs, taken on a customer’s mobile phone, to carry out an end-to-end, automated appraisal on car claims with low-value damages.
After automatically reviewing the images, the system identifies the damaged areas and the severity of the damage, and subsequently determines the extent of vehicle repair that is required, which can range from touching up the paint to repairing or replacing certain parts. In addition, Tractable’s technology features real-time pricing of the appraisal and the ability to route work orders directly to repair shops.
The initiative will also facilitate improvements in operational efficiency by triggering requests for parts from suppliers more quickly, cutting down overall claim settlement times. The work of claims assessors will also benefit, freeing them up to focus their efforts and experience on more complex cases, boosting the value they add to the client.
In rolling out this project, MAPFRE has partnered with Tractable, a world leader in deploying AI in the financial services and insurance sectors. Specialists from both companies in advanced analytics, technology, operations and innovation are working side by side on the project, together with engineers from CESVIMAP (MAPFRE’s R&D center) and appraisal experts.
“Within the framework of the MAPFRE Open Innovation strategy, we’ve been experimenting with different AI solutions to significantly enhance customer experience and improve our operational efficiency. The Automobile business line is core to the Brazilian operation, so starting out on this alliance with Tractable, in pioneering fashion, is very important for us,” says Roberto De Antoni, Chief Operating Officer at MAPFRE Brazil.
The project, which may be scalable in the future to other countries and processes, contributes to MAPFRE’s objective of leading a transformation that involves improving customer experience in current services and products, and developing new services and products that add value to the increasingly personalized demands of policyholders and take service quality to the next level, with everything revolving around the trust-based client relationship.
“MAPFRE has a worldwide presence and this innovative global partnership will lead to its customers receiving an even better experience through the power of our AI. Our collaboration has the potential to be a step change not only for the Brazilian market, but also further beyond, bringing real AI technology to where it can make an immediate difference – by accelerating response directly after an accident,” says Ahmed Hameed, VP Strategic Accounts, Tractable.
Tractable’s AI uses deep learning for computer vision, in addition to machine learning techniques. The AI is trained with many millions of photographs of vehicle damage, and the algorithms learn from experience by analyzing a wide variety of different examples. Tractable’s technology can be applied globally to any vehicle.
The AI enables insurers to assess car damage, shares recommended repair operations, and guides the claims management process to ensure these are processed and settled as quickly as possible.
