Auto Industry Accident Cost Assessment Tool - A tool for on the spot rapid self assessment by the automobile owner to submit by taking photographs of the vehicle damage after an accident and submitting via the tool to the insurance company. The Assessment tool will forecast the cost and provide an estimated cost coverage. The tool can be also used by the Insurance Company Assessment Engineer reps for assisting their assessment. Following are some key features of the tool.
Car Damage Detection
Vehicle Part Identification
Severity Assessment
Solution Overview:
With historical claims data, including details like claim amounts, accident locations, times, vehicle details, and claimant information, the AI model is trained to identify patterns and anomalies. New claims are been analyzed and assigned fraud risk scores based on detected anomalies. After that Claims with high fraud risk scores are flagged for further investigation.
A team of fraud investigators reviews flagged claims, through document verification and behavioral analysis to confirm fraud and take appropriate action.
This solution helps in early detection and prevention of fraudulent claims, reducing financial losses and maintaining the integrity of the insurance process.
