Ant Financial, the financial services affiliate of Chinese e-commerce conglomerate Alibaba Group (NYSE: BABA), has announced the release of an upgrade to its AI-based auto insurance claims system.
In June 2017, Ant Financial launched an AI-driven, image-recognition system to help standardize claims and unify loss payments in the auto insurance industry. In less than a year, the system's services have helped multiple insurance companies process more than 10 mln claims by determining the corresponding loss and pricing, resulting in a savings of more than 750,000 man-hours for insurance claims adjusters, and over RMB 2 bln in claims settlements.
The new upgraded version 2.0 of the system includes an enhancement of the previous image-recognition function to allow for a video-recognition function with higher accuracy. The open technology platform was also upgraded to offer future insurance companies access to the system through a self-service function, rather than requiring the installation of the claims processing system to be done with each insurance company individually.
According to reports, in the near future the system’s userbase will be expanded from insurance claims adjusters to ordinary car owners. After an auto accident, a user could use their mobile phone to take a short video according to the system’s instructions and then the system would provide the user with detailed vehicle damage information on their phone, including how the damage can be repaired and a projected claim amount which could be covered by their insurance.
Editor's Note: For more information on this topic, please see Ant Financial Launches AI-based System to Speed Up Auto Insurance Claims, MD 6/27/17 issue.