Digital Insurance Agenda

Claim Genius: Making Touchless Inspections a Reality

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Sep 21, 2022

Hundreds of millions of auto claims are processed per year globally. The current process of claim assessment is manual and time-consuming, costing millions of dollars and providing a poor digital experience to end customers.

The traditional process of claim assessment is manual and time-consuming costing millions of dollars and providing a poor digital experience to end customers.

With guided photo or video capture and real-time computer vision technology, Claim Genius is changing the entire landscape of vehicle inspections. By simply uploading photos or videos, its real-time assessment tool provides line-level damage estimates which helps carriers to make a triage decision about the repairability of the vehicle. Claim Genius brings efficiency to the claims workflow, saving a lot of time and money for carriers.

Its suite of AI inspection solutions covers the entire vehicle lifecycle, including insurance underwriting, claims, lease and rental, transportation and fleet, salvage, and recycling. Using Claim Genius solutions, insurers can reduce inspection time up to 100% and costs up to 60%, drive new efficiencies, and revolutionize business capabilities. Making touchless inspections a reality.

For both insurers and clients, speed is a big benefit of AI in claims. Firstly, Claims Genius’ solution determines whether the vehicle is repairable, thus rapidly moving the vehicle to the proper channel of total loss or a repair network. Quality and value tend to go up as insurers get consistent appraisals across their body shops and adjusters. Because of the speed, yet also the continuous feedback options in the system, there is a reduced churn and improved customer satisfaction plus a reduction in unnecessary expenses.

How does it work?

Customers use any camera-enabled device to capture images or a video of damaged parts, the Genius AI accurately analyzes the data and sends a damage assessment report to the insurer. The Genius Dashboard allows a claims adjustor to accept or modify the assessment. The insurer approves the estimate within minutes and sends it to the insured party.

Claim Genius provides line-level damage conditioning and labour hour estimates for repair and replacement, along with parts pricing to give an indicative total repair cost for vehicles.

For any claim assessment the needed labour units, the unrelated prior damages and the hidden damages are all very important. All of which, can be provided by Claim Genius.

Its product suite for Policy Underwriting, Claims Estimates and Vehicle Conditioning for Rental & Feet management companies is available globally.

Why did we select Claim Genius for DIA Munich 2022?

Today Claim Genius’s AI platform is trained with over a hundred million images of global vehicles and covers over 95% of passenger vehicles on the road.

At DIA Munich, Raj Pofale, CEO Claim Genius, will be demonstrating and explaining how European Claim assessments will change using Claim Genius’s innovative Computer Vision technology.

He will present the latest version of its 2.0 platform specially designed for European customers. This includes with European estimates platforms such as GT Motive and Autovista, enabling the platform to provide line-by-line parts pricing estimates and calculations for labor and paint materials.

Who is Claim Genius?

Claim Genius was founded in 2018 by Raj Pofale who possesses 25+ years of experience in building enterprise-level technology platforms. Based in Edison, New Jersey, USA, with development centers in Pune, Nagpur and Hyderabad, India, Claim Genius, Inc is a global player in AI-based vehicle inspection solutions.

Claim Genius’ product suits are applicable for multiple automotive business domains and the company is working with 15+ global carriers on 4 continents. Moreover, it strategically partnered with many Core Claims platforms, TPAs, and technology providers. 

Since its inception in 2018 Claim Genius has raised over 13.8 million dollars in funding. Today Claim Genius is in production and used by global customers.

Claim Genius is being recognized as the “Fastest Growing InsureTech” by “Insurance Insight” and many other notable insuretech accelerators.

“Making Touchless Claims A Reality” is the vision on which the company is based and making continuous strides towards the goal.”

Raj Pofale, CEO Claim Genius

Learn more at their website: https://claimgenius.com/

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