China Auto Insurance Claims Adjusters Get AI Boost from Ant - Alizila

Imagine a world where automobile damage can be assessed by an algorithm in six seconds, and you'd be where Ant Financial is today. The Alibaba Group financial affiliate on Tuesday rolled out an artificial intelligence-driven, image-recognition system to aid vehicle insurance claims adjustors in operating faster and more-efficiently. Exterior damage claims comprise about 60% of the 45 million private-vehicle insurance claims filed in China each years, so the AI system is expected to save insurers significant time and resources. The AI system is also aimed at making assessment of external vehicle damage more-standardized and objective, reducing the potential for human claims adjusters on the scene to be influenced by the parties involved in the accident. "It is a technology that we are constantly working on to improve, therefore we are offering it for free to insurance companies. We are opening up our AI capabilities to our partners, so that they can reduce cost and better serve small and micro-businesses," said Yin Ming, president of Ant Financial's Insurance Business Unit.