Ageas launches AI vehicle assessment tool
Belgium-based Ageas is launching an artificial intelligence (AI) solution in the UK to generate end-to-end vehicle damage estimates – an interesting addition to the fast-evolving field of automated damage inspection (ADI) systems.
Using an AI solution developed by tech company Tractable, Ageas is automating some aspects of vehicle assessment – a complex task which, when carried out by humans, may lead to subjective and variable results.
The AI solution has none of the typically ‘human’ flaws; it is able to identify vehicle parts that have sustained damage and objectively predict the cost of repair – providing detailed estimates for the types of work (repair, paint, etc.), the cost of parts and the hours of labour needed.
Ageas’ solution joins a few well-established players in the field of ADI, which is revolutionising the defleeting process. Launched last year, ADESA’s IVI is another smartphone-based solution, targeting the end-user. Developed in France, ProovStation is a prime example of a fixed-station ADI solution, ideal for assessing large volumes of vehicles.
All that is needed is for Ageas policyholders to submit pictures of the state of their insured vehicle by smartphone. Within minutes – straight after an accident, for instance – the drivers will automatically receive decisions on the next steps to take.
Typically, this will happen even before they are on their first call to the Ageas helpdesk. This helps speed up the repair procedure. Thanks to the AI’s algorithms, the solution is able to learn from experience, getting more precise as it processes millions of images of vehicle damage.
Tractable’s AI has already processed over $1 billion in vehicle damage claims for prominent insurers around the globe, including Covéa (France), Tokio Marine (Japan) and Talanx-Warta (Poland). Following pilots in 2019, Ageas and Tractable are now scaling up the AI solution to process thousands of claims per month in the UK.