Cognizant Technology Solutions, the United States (US)-based IT company with large operations in India, on Wednesday unveiled a new artificial intelligence (AI)-powered software platform that gives property insurers the ability to process large numbers of claims stemming from natural disasters or other catastrophic events in record time.
Cognizant Property Insights is a software-as-a-service (SaaS) solution that combines satellite and aerial imagery and property data, with machine learning technologies. This helps to quickly assess the damage caused by hurricanes, tornados, floods, wildfires and other disasters in only four to five days, significantly speeding payment of customer claims.
Applying AI to before-and-after imagery, in conjunction with location data provided by partner and global technology company Pitney Bowes, ensures rapid, accurate damage assessments and expedited claims payment. It also reduces handling expenses per claim to insurers by half compared to traditional processing.
Insurers in several hurricane prone states, including Texas, Florida, New York, and Massachusetts, have beta tested the solution for the past several months. One such company, Velocity Risk Underwriters, LLC, is using these AI capabilities to reshape its future of claims processing, said a company press release.
After a hurricane, for example, it can take up to 30 days or more just to provide an assessment of property damage, and that’s if the property location is accessible to field adjusters.