The insurance firm has worked with insurtech Tractable since 2018 on using computer vision, and it will now deploy it on some Japanese auto claims
Industry giant Tokio Marine has deployed AI computer vision technology to assess damage on some of its motor insurance claims in Japan.
The deal with insurtech company Tractable to use its Loss Adjuster Application marks the first time that a major Japanese insurer has used an AI damage assessment tool in this area.
The two companies have worked together since 2018 to improve Tokio Marine’s damage appraisal operations, which require complex visual assessments, using computer vision.
Tokio Marine Group deputy general manager Hidenori Kobayashi said: “In Japan, after an accident, it can take 2-3 weeks to determine the amount that should be paid.
“By using Tractable’s world-leading AI to assess car damage, we expect to shorten that time considerably, cementing our position as a company proud to pioneer new technology that transforms the claims journey for our customers.”
After running a series of trials, Tokio Marine will now use the technology in one of its claim service centres from April 2020, with the potential to deploy it across the country.
Tractable co-founder and CEO Alex Dalyac said: “We are honoured to be selected as the AI partner by one of the world’s largest insurers.
“We see this as testament to the quality of our technology, the maturity of our solution and trust in our people.
“Computer vision is accelerating accident recovery; the technology is here, it’s on the ground and it’s making a difference.”
As well as Japan, Tokio Marine operates across Asia, the Americas and Europe.
Analyst explains why computer vision is a useful tool for insurance firms
Tractable’s computer vision technology was highlighted by data and analytics firm GlobalData as an example of how the technology is being used to enhance insurers’ ability to serve customers.
Explaining how its tool works, the firm’s disruptive tech analyst Venkata Naveen said: “The damage assessment system can be integrated into the workflows of insurers so that they can enable policyholders to raise claims by uploading visuals of the damages.
“The company has trained the system on numerous real images of car accidents to understand and analyse the damage accurately.
“The analysis is used to create estimates for vehicle repairs and other related expenses and eliminate any inaccurate estimates.
“Computer vision, with its ability to analyse and extract meaningful insights from digital images, is playing a unique role in fuelling digital transformation — with interesting use cases across industry value chains not limited to retail, insurance, healthcare and travel and tourism.”