Allianz Ayudhya General Insurance Plc has joined hands with a business partner to offer smart artificial intelligence (AI) claims for motor insurance, highlighting the adoption of insurtech to serve customers in the industry.
As technology is transforming many aspects of the insurance industry, Allianz Ayudhya has partnered with Control Expert, a global leader in claims technology, to develop an online claims service that uses AI to assess damage by examining images that are provided.
The smart AI claims service for motor insurance allows customers to easily self-process on a specially developed platform, facilitating speedy claim settlements within three minutes, said Lars Heibutzki, president and chief executive of Allianz Ayudhya General Insurance.
"Insurance is a centuries-old business with numerous inherited operational details, but technology can speed up the claims process, resulting in a more equitable, accurate and correct process," he said.
"At Allianz Ayudhya, we have several projects that leverage technology to enhance operations, with the aim of delivering the best services to our customers, focusing on ease, convenience and speed."
Given Control Expert's global presence, particularly in the vast American market with its high volume of cases and diverse accident damage patterns, Mr Heibutzki said Allianz Ayudhya can utilise its comprehensive database to develop AI with high-precision processing capability.
Control Expert offers digital claim services, facilitating online claim reports for motor insurance customers, said managing director Nicolas Witte.
The company has more than 300 corporate clients worldwide and has served some 18 million global claims, averaging 30,000 cases per day. With a photo database of 250,000 images and other databases storing more than 3 petabytes of information, it can provide precise deep data analysis for its insurance clients.
In Thailand, Control Expert has more than 40 people ready to coordinate with insurance company clients promptly.
The development of insurtech tools not only facilitates convenience and speed, eliminating the need for customers to wait for damage inspectors or a slow claims process, but also protects the insurance industry. The use of accurate digital tools, which eliminate bias in analysis, ensures fairness for all parties.
Mr Heibutzki said the goal of developing insurtech is to introduce comprehensive digital platform services to reduce complications and increase convenience for customers.
He said Allianz Ayudhya wants to facilitate the insurance process, including claims, document storage, customer policy data checks, insurance renewal and online payment.
The plan is to have these services available by the end of this year, said Mr Heibutzki.