Cognizant Property Insights applies machine learning to satellite and aerial imagery and property data to assess damage caused by natural disasters
Image: Cognizant launches new AI-powered software to process claims. Photo: Courtesy of Hermann Traub/Pixabay
IT services company Cognizant has launched Cognizant Property Insights, a new artificial intelligence-powered (AI) software platform that offers property insurers the ability to process large numbers of claims resulting from natural disasters or other catastrophic events in record time.
Cognizant Property Insights is a software-as-a-service solution, which is claimed to combined satellite and aerial imagery and property data with machine learning technologies to quickly assess damage caused by hurricanes, tornados, floods, wildfires and other disasters in four to five days, significantly speeding up payments to customer claims.
According to IT services firm, its new software will apply AI to before-and-after imagery in conjunction with location data provided by its partner, Pitney Bowes.
It ensures swift and accurate damage assessment of claims and expedited claims payment, reducing the handling expenses per claim by half compared to traditional processing.
Cognizant insurance global strategy senior vice president and venture leader Michael Clifton said: “Leveraging AI when disasters strike can play a significant role in helping insurers with claims intake, self-adjudication and fraud detection. We work with all of the major underwriters and understand the challenges they face as well as the opportunities that digital technologies provide.
“Cognizant Property Insights is a new tool that protects claims adjusters from dangerous field conditions, offers a highly competitive industry a new way to evolve their processes for better service and enables homeowners and others in impacted communities to get their claims processed faster for quicker recovery.”
Insurers from hurricane prone states have beta tested the AI-powered software
The company further stated that insurers from several hurricane prone states in the US including Texas, Florida, New York, and Massachusetts, have beta tested the solution for the past several months.
Velocity Risk Underwriters, a general insurance agency, is using the AI capabilities to reshape its future of claims processing.
Velocity Risk Underwriters chief claims officer Rod Harden said: “For homeowners who have experienced property damage following a natural disaster, it is especially difficult waiting for insurance claims to be settled given all of the other stress that goes along with such an experience. After a hurricane, for example, it can take up to 30 days or more just to provide an assessment of property damage, and that’s if the property location is accessible to field adjusters.
“Cognizant Property Insights automates much of the manual work involved, helping to make adjusters more efficient in their assessments. AI will transform how we do business and serve customers quickly and efficiently.”