Zurich Insurance Group’s chairman Tom de Swaan has said the insurer is deploying artificial intelligence (AI) in deciding personal injury claims after trials cut the processing time from an hour to just seconds.
After the insurer started using machines in March to review paperwork, such as medical reports, de Swaan said: “We recently introduced AI claims handling … and saved 40,000 work hours, while speeding up the claim processing time to five seconds.”
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He added: “We absolutely plan to expand the use of this type of AI.” De Swaan said Zurich would increasingly use machine learning, or AI, for handling claims.
He commented: “Accuracy has improved. Because it’s machine learning, every new claim leads to further development and improvements.”
De Swaan said he does not fear competition from technology giants like Google-parent Alphabet or Apple entering the insurance market.
He said: “None of the technology companies so far have taken insurance risk on their balance sheet, because they don’t want to be regulated. You need the balance sheet to be able to sell insurance and take insurance risk.”
Zurich’s use of AI comes as Ageas has said it is set to be the first UK insurer to use AI technology across its motor claims management by working in partnership with Tractable, an AI technology specialist.
Tractable’s AI Approval works by using software to view images of vehicle damage and makes an assessment within seconds, streamlining a traditionally manual process.
Repair estimates can be quickly reviewed and authorised, ensuring reliability and speed throughout the claims process for all.
