Remote damage assessment model to reduce frauds and speed up claims for Asia's top Insurer
Client
The client is a top-tier insurance provider in Southeast Asia, offering automobile and personal insurance services across multiple countries, with a large base of policyholders and claims volume.
Project Context
The client wanted to speed up claims and reduce fraud while settling insurance claims. They wanted a mechanism to remotely assess the vehicle damage and send notifications to the inspecting officer.
Project Objectives
Eliminate physical evaluation for minor accidents.
Accurately match the estimated claim with the final claim amount.
Send notification and expedite claims.
Challenges
The client provides insurance to automobiles and wanted to speed up claims and reduce frauds.
It was impossible for the inspector to assess thousands of vehicles and assign the correct insurance value, they wanted to automate this process by developing a remote inspecting model and thereby approving claims.
Solution
SquareShift built a real-time video and image processing model to detect the car make and severity of damage.
They built dataset with images of car and automated notification to inspector on the damage details and claim payouts.
