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Ant Financial, the financial services arm of Alibaba, has unveiled an AI system that can calculate insurance damage claims in as little as half a second. The company is planning to refine the system's capabilities by offering it for free to Chinese insurers, helping them reduce costs and better serve small businesses.
AI photo-estimating is going to be one near-future means of adjusting. At half a second per claim and the ability to cut manpower costs and lower premiums, you can bet such technology would be attractive to a carrier in the U.S. or China. If so, it’s imperative that shops, insurers and customers understand the potential limitations and backstop the program with supplements based on thorough teardowns, measuring and scanning. (As the trained –and liable — repair professionals, shops should be producing the definitive estimate anyway.) Without shops stepping up to do their job and educate policyholders, current customers could be unintentionally shortchanged, and the data set could remain skewed.
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