AUTOMATING INSURANCE LOSS ADJUSTMENT PROCESS AFTER AN ACCIDENT

Challenges

Our client is a car insurance company looking to improve their day-to-day operations by introducing a customer-centric approach for loss adjustment after an accident.
Concord created a real-time system that effectively automates the process, improves data capture and content accuracy, accelerates claims management and eliminates fraud.

Solution

By working closely with the client we created a powerful solution to assess the post-accident condition of a vehicle by evaluating photos of the exterior. The solution utilizes the most advanced AI techniques for damage recognition in real-time and enables automatic identification of brand, model, color and license plate number to accurately verify and match the provided information.
All data analytics is saved in a central database that allows for fast future vehicle evaluation results comparison.

Results

Within the first month our client significantly accelerated claims management and reduced fraud with the customer-centric solution implemented by Concord.

✓ Improved fraud identification by 5%
✓ Increased Return on Experience (ROX) by 20%
✓ Improved claims management efficiency by 25%

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