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Too Good To Be True: 30% Reduced Claim Costs Using AI?

Too Good To Be True: 30% Reduced Claim Costs Using AI?

The world of car insurance is on the verge of a technological revolution, with promises of dramatically lower operational costs and increased efficiency. At the forefront of this evolution is the US technology company Ravin.ai, led by CEO Eliron Ekstein, whose innovative use of artificial intelligence (AI) is setting new industry standards.

Dr. Robin Kiera‘s interview at the InsureNXT conference provided valuable insights into Ravin.ai’s technology, which is transforming claim processing. Here’s a breakdown of the significant impacts brought up during the discussion.

30% Reduced Claim Costs: Ravin.ai has used AI to improve the assessment and processing of damage claims. AI eliminates the need for physical inspections by adjusters, instead relying on AI to analyze damage using images. This shift reduces not only the direct costs of personnel but also the extra costs associated with claim processing.

80% Reduced Processing Time: The use of AI has not only reduced costs but also accelerated the entire claims process. By automating assessments and efficiently routing information, the technology ensures that claims are processed 80% faster than traditional methods. This efficiency benefits both insurers and policyholders, resulting in quicker resolutions and higher satisfaction rates.

Sustainability and Compliance: One significant advantage of using Ravin.ai’s technology is that it promotes sustainable practices. The AI promotes the use of refurbished parts rather than new ones, in line with EU sustainability regulations. This not only helps insurers meet regulatory requirements, but it also contributes to larger environmental goals.

Dr. Robin Kiera’s interview with Eliron Ekstein delves into the practical applications of this technology and its implications for the future of insurance. While the benefits are obvious, the widespread adoption of such technologies will be reliant on their ability to consistently deliver these benefits at scale.

The full interview with Ravin.ai’s CEO, as well as additional information on the effects of AI in insurance, is available on Versicherungsjournal. The look into the potential of AI in lowering claims costs and processing times provides a glimpse into a future in which technology drives efficiency in novel and exciting ways.

Thank you, Versicherungsjournal, for sharing this insightful interview.

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