How does an AI virtual inspection benefit the insurance carrier?
As we implement artificial intelligence into the insurance industry, we can see the benefits it provides to insurance companies when paired with virtual inspections. Not only will insurance companies save time and money from the use and implementation of AI virtual inspections, but this type of inspection also standardizes the documentation process for claims.
Documentation of a loss is an important part of the claims process. Without proper documentation, the damage cannot be properly assessed, meaning the estimate may be priced inaccurately. AI virtual inspections offer a standardized process for documenting a loss. Typically for this type of inspection, a video call is held with the homeowner and a desk adjuster in which the adjuster can record the entire interaction while also grabbing photos of the damage. Some AI virtual inspection software even has the capability to use the highest resolution of the camera ensuring top quality photos. This creates a consistent, comprehensive documentation of every loss.
Running the photos from the inspection through AI is another new process benefiting insurance companies. AI can write a scope, give an estimate, and even inventory the contents of the house providing line items. The data is then revised by a desk adjuster who can update the homeowners even faster than with a traditional home inspection and estimate that may have taken hours to complete. This leads to another benefit of AI virtual inspections, the time saved.
With a traditional inspection, adjusters must schedule visits with homeowners, travel to the site, conduct the inspection and travel back. This process can take days to weeks and consumes a significant portion of the adjuster’s day. AI virtual inspections eliminate the travel time altogether and eliminate the hours spent writing a report afterwards. The AI can scope in roughly the same amount of time it would take an adjuster to walk from the site to their car. The revision of the AI’s work is what will take the adjuster the most time but will be drastically shorter than writing from scratch.
The time-saving benefit of AI virtual inspections goes hand in hand with the cost-saving benefit. Eliminating drive time saves time and money from the perspective of billable hours as well as fuel costs. The AI scope creation also allows the adjuster to focus on higher value tasks rather than manually writing up estimates and reports from scratch. As the AI handles more common claims it gets better and faster at producing accurate estimates. These factors decrease the overall labor cost associated with each claim. Furthermore, for insurance companies who utilize independent adjusting firms, AI virtual inspections substantially reduce the need for these firms, resulting in additional cost savings.
As AI technology evolves, its role in insurance will likely become more sophisticated, further enhancing these benefits. For customers, this means a more efficient and empowering experience when dealing with insurance claims. AI virtual inspections are not just a technological advancement, they are an advancement in customer service and satisfaction for insurance companies.
See more:
How technology is changing the claims experience
