Car Insurance

A severe car accident can leave a lot of people shaken up. Along with emotional trauma, car accidents can cause heavy damages and cost the owners a lot. In such a situation, a simple gesture to reduce the aggrieved person’s inconveniences can go a long way. Using object detection and image classification, insurance companies can automatically detect damages in a car image, process the kind of damage it is and process claims without the need for manual review.

Manual Inspection

The conventional approach to inspections for car insurance involves the user taking the video of the damaged car by the adjuster appointed by the insurance company. This person goes on-site to do this and forwards the video to the insurance company for review. The video is reviewed manually and the process takes one week. If the car damages seem to fall in the guidelines, the claim is processed or the insurance is renewed, depending on what the customer wants. Besides the costs of manual reviewers and the time they spend in doing the review, there are additional costs and effort of going on-site that can be avoided with an automated approach.

Inspection with Nanonets

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With Nanonets, the user takes the video instead of the adjuster on site and gets immediate feedback on if the video he/she has taken is good for inspection or not. They will know about it in a second following which he can update video and move to the next step. This video is now uploaded for inspection, which is done with state-of-the-art machine learning models which provide accuracy at least as high as human reviewers. Besides this, the process of inspection is cut down from at least a week to less than a day. The claims, approved or disapproved, are added to the insurance company's database for future use.

The Nanonets API

Our API provides high speeds and great accuracy, enables fraud detection and drives automation for insurance companies. The Nanonets API can help the insurance companies automate the process of

  1. Finding out if the video is usable for review by checking for high resolution video, check if all key angles (front, back, left, right top, engine, dashboard, etc.) are covered in the video, if video is taken too fast, etc and providing instant feedback to customers.
  2. Inspecting videos and detecting:
    • Dents with severity levels
    • Rust with severity levels
    • Scratches with severity levels
    • Broken or not with severity levels

The Nanonets Impact

Reduction in inspection costs-90%

The usual cycle with manual inspection costs up to $7.26 per car out of which $6.97 is paid to the adjuster. With Nanonets the cost of reviewing each phone drops down to $0.59. For the same volume the company sees close to 90% drop in costs. Besides the monetary benefits, less time spent in this process translates into more loyal customers and a better experience for them. An increase in the volume can be expected since the time taken for processing claims is higher as well.

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