Swiss Re partners with Claim Genius on car insurance
Swiss Re is collaborating with insurtech Claim Genius to make car insurance claims more efficient. The company is enhancing motor claims efficiencies using artificial intelligence (AI), real-time damage assessments, and estimation.
Talking about how the company will manage claims, Pranav Pasricha, Head of Global P&C at Swiss Re, said: “Swiss Re Solutions aims to deliver world-leading claims management capabilities to its cedent clients, helping them lower settlement time and costs, while making the post-accident process fast, fair and frictionless for consumers.”
Discussing the partnership with Claim Genius, Pasricha added: “Our partnership with Claims Genius helps unlock our global data and tech assets to deliver world-leading accuracy and speed in auto-claims damage assessments.”
Swiss Re’s smart claims platform
Pasricha believes that Swiss Re’s smart claims platform in partnership with claim Genius will automate the claims process. “Insurers will be able to use our ‘Smart Claims’ platform to transform their claims process into a 100% automated photo-based damage assessment, delivering reliable loss estimations in a matter of minutes with improved FNOL intake, triage, assessor productivity, and settlement variability,” he said.
The adoption of Computer Vision and AI technology
Raj Pofale, Founder & CEO of Claim Genius, said: “By adopting Computer Vision and AI technology, the insurance industry “is seeing huge upside in efficiency and cost savings. Our vision is to make touchless claims a reality and our customers across the globe are very happy to see that our technology is enabling … 100% digitization of their claims process.
“I am excited to see that Swiss Re believes in our technology and [is] taking it to all their European customers,” Pofale concluded.
Claim Genius is an insurtech that uses artificial intelligence image analysis and predictive analytics to provide an instant damage assessment, condition, and damage estimate from uploaded videos or photos through its easy-to-use mobile app technology.
It says its mission is to reduce claims processing time, increase companies’ profitability, and revolutionise the claims experience for customers worldwide. As well as its headquarters, the company has development centres in Nagpur and Hyderabad in India, and an office in the UK.