Report: Insurance Industry's Use of AI Increasing
June 14, 2017—Mitchell released its Industry Trends Report (ITR) for the second quarter of 2017. In this edition, Mitchell executives take a look at how artificial intelligence (AI) is being used in the insurance industry, the use of scanning tools for complex auto body repairs and how an optimized provider network strategy can help the workers' compensation journey.
How the Insurance Industry Is Using AI
An estimated 85 percent of insurance executives are planning to invest significantly in artificial intelligence over the next three years according to a recent study by Accenture. With that, artificial intelligence (AI) is poised to significantly alter the insurance industry in a multitude of ways, including streamlining the claims process, reducing fraud and improving outcomes for both the claimant and the insurance company.
Mitchell executives share their vision for AI in the property and casualty (P&C) claims industry in the areas of computer vision, machine learning and natural language processing.
The Auto Physical Damage Edition
Collision repair used to be about sheet metal and headlamp and bumper replacement; now it revolves around sophisticated parts and electronics. Today's repairers must be prepared to fix a computer on wheels. Due to the complexity of these systems, scan tools are useful to determine what systems should be reset or recalibrated. Currently, there are four options for repairers to scan a vehicle before and after repairs to ensure systems are working properly:
- Take the car to the dealership
- Call a mobile service provider
- Use an aftermarket tool to complete the repairs in-house
- Leverage a remote service to connect to an OEM tool via the Internet
In this ITR article, Mike Lawlor, vice president, APD Strategy and Partnerships, discusses repair safety concerns, OEM position statements and how collision repair facilities can manage the diagnostic portion of repairs in order to help ensure safety, reduce cycle time and properly document diagnostic procedures.
The Casualty Edition
From the moment an injury occurs, to the day an injured worker returns to work, the journey a workers' compensation claim takes can be complex. It involves numerous parties, technologies and diverse jurisdictional requirements.
In this article, Rebecca Morgan, senior director, product management, Mitchell Casualty Solutions, discusses the lifecycle of a workers' compensation claim from point of injury to return to work while showcasing how integrated solutions bring additional savings to insurers and improve outcomes for all stakeholders involved.