Insurer to Debut Same Day Auto Claim Payment
Thanks to Artificial Intelligence (AI), Japan’s largest insurer, Tokio Marine Holdings, recently announced it will begin same-day claim payments for automobile insurance beginning in 2020. Reporting the accident, claim settlement and payments will be completed entirely through a smartphone app that automatically locates where the accident took place.
Users will send pictures of the damage with their smartphones to be analyzed by AI, which compares such data as past incidents and car models to make a quick assessment. Policyholder data will also be used to prevent false claims. This system will let policyholders receive payments within about 12 hours for minor damage, such as a single-vehicle fender-bender, that does not require negotiating a settlement between two claimants.
Other large insurers such as Germany’s Allianz and Canada’s Intact Financial are investing in companies like Metromile and Lemonade to change the ways they are doing business in this competitive marketplace.
The new developments from the “InsurTech” industry are redefining the way insurance companies are doing business. A review of several recent articles in InsurTech News reveals an outsider view of the industry, and how technology is making the business more efficient and cost effective.
If you are interested in exploring innovative approaches to manage your most complex risks and claims, please contact us for additional analysis and planning.