Everyday Renaissance Insurance settles hundreds of motor insurance claims, and one of the most important elements of the process is damage assessment. Until now it was carried out by company's experts or contractors performing an independent examination. In the existing process the quality of calculations, as well as the cost, was high, while the speed always had certain limitations.
After conducting a large-scale detailed testing, carried out on several hundred cases, the insurance company decided to introduce an AI based solution for damage recognition and calculation provided by MAINS Lab. The technology is based on computer vision: system determines affected parts and severity of the damage, predicts hidden damages, identifies the necessity to remove and install damaged and concomitant parts for repair, updates catalog numbers, recognizes VIN number, reads odometer for mileage, recognizes data from registration documents, prepares a report for determined repair actions and a calculation of costs. The introduction of this technology will further improve the level of customer service by speeding up the settlement process and increase operational efficiency for the Insurer.
First case on the Russian insurance market. Renaissance Insurance together with MAINS Lab have implemented AI based technology of damage recognition and calculation in motor claims handling process.
According to MAINS Lab, the technology will soon be adopted by numerous insurance companies.
We will continue developing this technology, and a lot is yet to be done in regard of the detection quality, transfer learning, and customer experience. However, thanks to the hybrid nature of the solution, it can already be launched in commercial operation, as the speed we have achieved so far is already higher than that of available analogues.
MAINS Lab, a major developer of AI-based IT solutions for the insurance industry, was established in 2018. MAINS Lab works with the most prominent industry players and offers solutions that help improve efficiency of underwriting, claim settlement and customer service.
Mains Laboratory is a resident of Skolkovo, Russia's biggest innovation platform, since 2020.
Worldwide there is also a number of cases using big data in underwriting which had a success. For instance, U.S. health insurer Collective Health, according to 2018 data
, made a dent in American companies' $1.2 trillion annual healthcare spend. The Russian market experience such a large-scale solution for the first time. Another advantage of the technology is its adaptability/ A trained model can analyze data not only for federal cities, but also for regions, where expert knowledge of city specifics is insufficient.
"Innovative solutions make it possible to achieve a significant business effect in the current realities. At the same time, it significantly changes client experience, since we reduce the time that the client waits for a payment or a repaired car," - notes Vladimir Tarasov, Vice President of Renaissance Insurance
Co-founder of MAINS Lab, Sergey Khudyakov: "Our colleagues from Renaissance Insurance have very high demands for the quality of claims calculation. For several months our solution has been tested, we constantly received feedback from our colleagues which allowed us to quickly refine and adopt our technology for the use of an insurance company. I am sure that our joint product will make the life of car owners in case of an accidents a little easier. "
Vice-president Renaissance Insurance