As artificial intelligence (AI) becomes more sophisticated, businesses are increasingly adopting the technology to streamline processes and improve efficiency. One area poised to be revolutionized by AI is the car insurance industry. 

AI is revolutionizing the industry, offering more personalized services and better fraud detection, along with overall improved efficiency. Down the road, expect further disruption in this sector as insurers take advantage of AI to offer better services and lower costs.

AI is changing the way insurers interact with customers. Automated chatbots are now used to respond to customer inquiries, provide personalized recommendations, and even help customers find the best insurance policy for their needs. AI also enables insurers to streamline their processes and increase efficiency. Automated systems can quickly and accurately assess the risk of a claim, process payments, and provide customers with personalized recommendations.

AI has improved fraud detection. By using AI to analyze data from customer activities, insurers can detect suspicious activities more quickly and accurately, reducing the chances of fraudulent claims.

Finally, and perhaps more importantly, AI enables auto insurers to offer their customers more personalized and tailored services. Because the technology can quickly analyze large amounts of data, insurers can make more accurate risk assessments and calculate premiums more accurately. This translates to more affordable rates based on each customer’s individual needs and risk profile.

At Streetscope, we use AI in many steps of our toolchain. From object detection to pattern recognition and beyond, our engineered solution leverages many of the latest developments. AI aids us in detecting and assessing traffic safety in context, taking advantage of new tools (soon to include computing on-the-edge) to provide insurers and vehicle developers with an objective measure of risk. While some are afraid of new technologies, we believe there’s no better use of new technology than to improve (and even save) lives.

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Photo by DeepMind on Unsplash