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Zurich Using Artificial Intelligence in Deciding Claims

Zurich Insurance is deploying artificial intelligence in deciding personal injury claims after trials cut the processing time from an hour to just seconds, its chairman said...
May 23, 2017

Zurich Insurance is deploying artificial intelligence in deciding personal injury claims after trials cut the processing time from an hour to just seconds, its chairman said. “We absolutely plan to expand the use of this type of AI (artificial intelligence),” Tom de Swaan told Reuters. “We recently introduced AI claims handling ... and saved 40,000 work hours, while speeding up the claim processing time to five seconds.”

Japanese insurer Fukoku Mutual Life Insurance began implementing AI in January, replacing 34 staff members in a move it said would save 140 million yen ($1.3 million) a year. British insurer Aviva is also currently looking at using AI.

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Meanwhile, selfies may be used in applications for life insurance and replace one of the most complex processes now in use to screen consumers. Although insurers have traditionally depended on well-established actuarial models to conduct in-depth assessments of customers, Lapetus, a startup in the U.S., is convinced that much of that process can be replaced by a selfie.

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