Digital transformation in the automotive industry – IoT World Today

Techniques such as transfer learning and logistic regression help auto insurers better manage claims

The digital transformation is well underway in the automotive sector where artificial intelligence improves dealer confidence in the industry and helps prevent new insurance claims.

Amit Arora, deputy vice president of reinsurance company Swiss Re, said everything from managing vehicle fleets to reassuring dealers that damage to cars will be repaired quickly has benefited from AI technologies. like computer vision.

For drivers, connected technologies that use intelligent automation to facilitate navigation and identify hazards have also improved safety and comfort on the road.

This trend is of interest to Swiss Re and other auto insurers as the cost of settling claims increases. Crashes increased 4.7% from 2017 to 2019, Arora said, although the trend reversed somewhat last year due to fewer cars on the road due to the pandemic.

Techniques such as transfer learning – which uses learned AI skills for a different use case – neural networks and logistic regression have helped insurers determine whether damaged vehicles should be written off before attempting repairs.

“The information received [on whether a car can be repaired] is usually preliminary at the start – the policyholder says something is damaged and some drama in the driver’s head, so there could be a risk of underreporting or overreporting, ”Arora said. “Call centers find it difficult to [make the decision] if it’s a total loss.

The potential of AI in auto insurance will continue to grow as more motorists get their hands on connected cars.

Today, these represent a small share of overall claims, but have enabled insurers to perform real-time AI assessments of vehicle crash data, which, combined with customer photographs, help predict the severity of damage and determine which parts need to be repaired.

An estimate of the cost of repairs in real time is immediately accessible and weighed against the loss of the scrapping of the vehicle, or the possibility of a cash settlement with the repair yards which allows them to keep the vehicle and recover part of the financial loss for the insurer.


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