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Artificial Intelligence — Surprise — Could Create Insurance Jobs

Posted By Administration, Tuesday, July 11, 2017

For years we’ve been hearing about how robots and artificial intelligence are taking away insurance jobs. Now there is a report from the artificial intelligence experts at Tractable that says maybe the opposite is happening.

Or at least it could happen.

Tractable CEO Alex Dalyac said his company does AI tracking for auto claims and found the info generated is actually generating jobs and not taking them away. Or at least there are savings being found in accuracy and time-savings that could create jobs if insurers chose to do so.

“We enable insurers to ensure their estimates are all accurate. With AI, all repairs are visually checked and many more inaccuracies are discovered. As such, many more humans are required, to contact the shops to correct the inaccuracies,” he said.

Dalyac’s firm can process vehicle damage in seconds, analyze that damage from images and assess estimates. That saves a ton of time. Human experts are then needed — as Dalyac noted — and this is where jobs come into play.

He also praised his firm’s — and that of others doing the same thing — artificial intelligence accuracy. Dalyac said human appraisers are only able to get to check about 45% of vehicle estimates. Sometimes they check as few as 10% of them. Artificial intelligence does 100%.

“AI ‘scale value add’ is the value added from analyzing greater quantities of data than ever before. It applies when there’s too much data for humans to exhaustively analyze. But now AI is coming in to enable full-scale analysis for the first time. This leads to many more discoveries and that’s where job creation comes in: the discoveries then require many more humans to act upon them,” Dalyac said.


Source link: Insurance Business America

Tags:  Artificial Intelligence — Surprise — Could Create   Insurance Content  Insurance Industry  Insurance News  Weekly Industry News 

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