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Motor insurance evolution thanks to Visual Intelligence

27 May 2022 · By Irene Martínez

Underwriting and claims management processes have undergone a significant transformation in recent years. Just a few days ago, we explored the evolution of policyholder behavior. In this post, we’ll analyze how technology is able to accompany and adapt to people's needs. This is where Artificial Intelligence technology comes into play, and more specifically, Visual Intelligence.

At Bdeo, we’ve been working for years to develop Visual Intelligence technology capable of assisting with the industry’s transformation. But what does Visual Intelligence really involve? How can this technology be applied to the motor insurance sector? How does it help companies to have these solutions available on an everyday basis?

In this post, we’ll share answers to these questions and explain why Visual Intelligence has become a key part of the insurance company transformation.

What is Visual Intelligence and how is this technology used in the motor insurance industry?

Visual Intelligence is a type of Artificial Intelligence that focuses on image analysis. In the case of the insurance industry, the main aim of the integration of this technology into company processes is to provide information and conclusions that facilitate decision-making. 

How is this achieved? From the review of thousands and thousands of images, the algorithms that make up this type of technology establish patterns that facilitate, for example, the identification of reported damage as a scratch and not a dent caused by hail. Each type of damage is different and has its own specific characteristics, just like the various parts of a car. And that is the type of information that the Visual Intelligence engine learns to provide to companies. 

How Visual Intelligence helps insurers

As we mentioned, this technology speeds up the insurance companies' decision-making process by providing them with the information they need to move forward with a claim. For example, hail damage to the hood of the vehicle should not be treated in the same way as a scratch on the rear bumper due to a collision with a pillar in a parking lot. 

Every claim is different, but patterns can be established that facilitate the everyday tasks of insurers and optimize many of their processes, such as underwriting and claims management. In this way, technology is able to take charge of repetitive tasks, allowing company experts to focus on other, more complex issues. 

What does all this mean? Companies that have this technology are able to offer their policyholders a far more agile process, increasing their degree of satisfaction and loyalty to the company. Because if there is one thing we mustn’t forget, it’s that when a claim is reported, for the policyholder it is often a tricky process that requires a certain degree of personalized customer service. And Visual Intelligence technology is capable of helping to provide this.

What Bdeo brings to the insurance industry

At Bdeo, we’re Visual Intelligence specialists. We develop our own technology based on machine learning algorithms that continuously learn from every image and video we collect. This allows us to offer an extremely high level of accuracy in identifying vehicle damage, something we have reinforced with our new product update.

These are the new features:

  • We have increased the number of vehicle parts identified by 92%.

  • We have increased by 40% the number of vehicles categorized by our technology, including vans.

  • We have multiplied X5 the number of damage types identifiable via our tool, from scratches to corrosion, and even damage caused by hail.

All this helps us to categorize each type of damage in terms of a level of severity, which is not only important for prioritization when it comes to claims management, but also when it comes to offering greater precision in the estimation of repair or replacement costs. 

At the end of the day, the main aim of our Visual Intelligence technology is to offer a far more accurate cost estimate that allows companies to automate and optimize their processes, and therefore offer an improved experience to policyholders.

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Visual Intelligence applied to the insurance industry

Artificial Intelligence in general, and Visual Intelligence in particular, are very present in our days. Perhaps, much more than we imagine.