Altus Insurance whitepaper spreads - Flipbook - Page 21
Zurich
Zurich has been through an extensive period of
claims transformation, starting with an upgrade to
its core platform, which provided the integration
capabilities for its wider roadmap. A key part of
this transformation has been the implementation
of Sprout.ai, a solution which utilises AI to
automate or augment the claims handling process.
Zurich ran a pilot with Sprout in early 2021,
targeting property claims, using AI decisions
based on the machine learning outputs of 20,000
historical claims. Through this pilot, Zurich was
able to identify some signi昀椀cant bene昀椀ts early
on, including:
• A reduction in property claims handling times
to below 24 hours
• Achievement of 98% accuracy in claims
handling recommendations even though
decisions were ultimately made by a human
handler
• For claims that were within scope of the pilot,
Zurich was able to settle 50% through an
automated, straight-through process
• The success of this pilot has led to the approach
being rolled out to non-property claims
Ageas
There has been a huge amount of debate
about where, how and why AI should be used
in insurance, but Ageas has been a relatively
early adopter of AI image analysis14, using it to
streamline its motor damage claims process.
The tool, which started trials in 2019 and went fully
live in 2020, identi昀椀es which parts of the vehicle
have been a昀昀ected and to what extent, generating
a full estimate including recommended repair,
paint, and blend operations, as well as costs and
labour hours.
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As we have
argued, a true
transformation
requires more
than the application of one tool to one part of the
process. Beyond the engagement with Sprout,
Zurich has established further partnerships,
implementing tools including AIS’s BAIL solution,
enabling faster decision making through the
of AI analysis on motor liability scenarios,
increased the use of drones to assess property
damage, and developed a strong multi-channel
approach which includes text and social media
communication, webchat and chatbot capabilities.
To do this, however, Zurich has had to engage
with a number of partners, building an ecosystem
where they are all playing their part in bringing a
wider strategy to life.
Looking beyond the technological innovation,
Zurich has also focused heavily on the use of
green parts as part of the motor supply chain ,
supporting its sustainability objectives while also
mitigating some of the existing challenges around
the availability of parts13.
Ageas has stated that
the use of AI has:
• Signi昀椀cantly
accelerated claims
resolution times, with each stage of the
process accelerated
• Reduced the number of interactions necessary
to collect data from the customer
• Created a process that gives the customer a
greater sense of control over their claim
All of which will have signi昀椀cantly reduced the cost
of operating their claims process, but tellingly,
when the introduction of the tool was announced,
the stated motivation for its implementation was
to improve the customer experience rather than
to reduce costs.
https://www.zurich.co.uk/news-and-insight/zurich-slashes-property-claims-resolution-times-with-industry-昀椀rst-ai-solution
https://tractable.ai/en/resources/ageas-is-昀椀rst-uk-insurer-to-use-ai-to-create-end-to-end-car-damage-assessments-and-estimates
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