UK insurer will use AI for claims handling

This story was delivered to BI Intelligence "Fintech Briefing" subscribers. To learn more and subscribe, please click here. The UK branch of major multinational insurer Ageas announced on Thursday that it is adopting AI technology to help with motor claims handling. The AI tool, "AI Approval," has been developed by fintech Tractable, and integrates with the insurer's systems to automate and speed up the claims management process. AI Approval uses algorithms to analyze images of cars that have been involved in accidents and require payouts to cover repair costs, and decides within seconds whether a claim is valid -- such analysis is typically a manual process carried out by the insurer's engineers.