Artificial Intelligence in Automotive Claims on Fast Track During Pandemic

The use of artificial intelligence (AI) in our daily lives was predicted in Hollywood movies decades ago and began to come true with Siri, Alexa and smartphones. According to a white paper released recently by Mitchell International, parent company of NAGS, artificial intelligence use in automotive claims is growing fast as a result of the COVID-19 pandemic, which made a transition to digital essential to decrease the spread of the virus from human to human. "As insurers embrace AI and its ability to improve the claims process, they are devoting a larger portion of their technology budgets to AI-enabled solutions. In fact, according to one report, 87% of carriers are now spending in excess of $5 million annually on these technologies, which is more than in the banking and retail sectors," Mitchell reported. Although new to the auto insurance industry, the science behind AI has existed for more than 50 years.