Claim Genius: Making Touchless Claims a Reality
Claim Genius is the world’s first AI damage estimation platform for insurers. Every year, approximately 80-100 million claims are filed with insurers around the world. In most cases, claims need days or weeks to settle, resulting in major frustration for vehicle owners, and significant expenses for insurers. Claim Genius is designed to solve this problem. Its artificial intelligence-based estimation technology provides insurers with instant total loss and repair estimates based on photos uploaded by an insured customer from an accident scene. Using this technology, insurers can make immediate decisions on how to best handle each claim, saving substantial time and expenses, and allowing the insured to get back on the road faster.
Generates immediately a damage estimate with over 90% accuracy in under 30 seconds
Claim Genius is the first product available to the industry that uses AI and image analysis technology to immediately generate a damage estimate. The technology instantly compares uploaded accident photos to millions of comparable historic claims to generate repair cost estimates with over 90% accuracy in under 30 seconds. Currently, most claims in the world are processed manually, requiring a human inspection that can take days to schedule, and hours to perform. Claim Genius can eliminate the time and expense associated with most vehicle inspections. Claim Genius is currently available worldwide, with 10 large insurers and TPAs from 7 countries engaged in pilot projects as of February 2019.
How it works
The way Claim Genius works is simple:
- Client experiences an auto accident
- Uploads photos & videos of accident using Claim Genius app
- Genius AI analyzes uploaded photos , identifying position, severity
- Genius AI engine assesses whether repairable or a tota
l loss by comparing damage to historic claims and ACV value
- Data is provided to insurer to make an instant claim decision, which can be instantly relayed to insured with settlement
- Insurer may route the car directly to a garage (if repairable) or salvage auction yard (if totaled), vastly reducing claim processing time
- Customer gets back on the road faster
Why we selected Claim Genius for DIA Amsterdam
Claim Genius’s products are aligned to two of the major trends which are transforming the global insurance industry:
- Data driven services: Claims Genius brings out the intrinsic value of insurers historic claims data and photos to produce highly accurate predictions of total loss and repair estimates. Future integration with telematics services will further enhance product capabilities, including crash reconstruction and injury prediction
- Innovation multiplied: Claim Genius is collaborating with insurers, salvage firms, and recyclers to provide and end-to-end AI services to streamline the processing of total loss vehicles all the way from an accident through the salvage and recycling process.
At DIA Amsterdam, Claim Genius will launch and demonstrate its flagship GeniusCLAIM v2.0 service. GeniusCLAIM provides insurers with instant AI estimates, along with enhanced minor damage detection, improved estimate accuracy, and a brand new mobile and desktop user interface.
Raj Pofale, CEO & Founder of Claim Genius, will perform the demonstration and introduction.
Check out their live demo here:
Who is Claim Genius?
Claim Genius is the world’s first AI damage estimation platform for insurers. The company was founded in the USA in 2017 by Raj Pofale, who is the CEO. The company currently offers two products for global insurers, GeniusCLAIM and GeniusPREINSPECT, with additional AI products under development for the salvage, recycling, and leasing industries. Claim Genius has raised $2.2M from several friends and family investors, and will be launching its next funding round by midyear 2019.
“Claim Genius was founded to transform the very slow and inefficient claims process. Our goal is to help carriers save time and expense and get drivers back on the road faster.” Raj Pofale, founder and CEO Claim Genius