We had the opportunity to speak at Digital Insurance conference (Dig-In) in Austin last week. Dig-In is focused on the digital transformation of the insurance industry.

As part of the CMT-sponsored IoT and Telematics track, our Vice President of Insurance, Ryan McMahon, presented on “Advancing Telematics with AI.” If you missed it, here is a summary of his talk:

At CMT, we use machine learning and AI to turn raw driving data into useable analytics. But how can we go beyond that and use these analytics to improve insurance? One answer is the claims process.

The claims adjuster is faced with the dilemma of balancing excellent customer service with properly investigating and paying the fair amount to customers and claimants.

To achieve this balance, insurers need information. However, a majority of that burden is on the customer who, in an already stressful situation, has to call the tow vehicle, document the crash, remember accident details, and call to file the claim – all the while hoping that everything they and any third-party witnesses report are accurate.

So, how is artificial intelligence the solution?

AI is able to analyze a wealth of real-time crash data to inform insurers or insurer call centers of a crash. With a precise location, emergency services waste no time searching the site of the crash.

Also, with AI, an adjuster is aware of a crash as early as 10 minutes after it occurred. This way, the adjuster has the information they need to begin an informed and efficient investigation before the customer has called to file the claim.

Customer-focused insurance companies can turn to AI to provide the best support during the worst incidents and offer the fastest claims processing, providing intuitive and sympathetic support throughout.

Where we will be next

Future of Insurance
June 11
New York
Speaking: Hari Balakrishnan, Chief Technology Officer and Co-Founder

Motor Insurance World
June 13-14
Speaking: Mohsin Rashid, Director of Corporate & Strategic Development

IIS Global Insurance Forum
June 18-21
Speaking: Mohsin Rashid, Director of Corporate & Strategic Development