We outline the market outlook for computer vision technology in P&C insurance — from market size, to leading companies, to recommendations for players in the space.
What is computer vision tech?
Computer vision within insurance includes a wide set of technologies that use artificial intelligence (AI) for digital recognition — helping to decrease costs and increase customer satisfaction. These solutions leverage AI to support digital recognition, enabling insurers to decrease costs and increase customer satisfaction. Using computer vision, underwriters can assess property risks without an on-site inspection, thereby reducing their operating costs and increasing their pricing and rating accuracy.
While computer vision technology has commonly been deployed for claims processing, it is still in the initial phases of being integrated into underwriting workflows. However, computer vision-driven solutions for underwriting in P&C insurance have seen increased attention as the demand for touchless interaction and remote work has risen amid the Covid-19 pandemic.
Features & capabilities
Typical features in computer vision for P&C insurance include:
- Extraction and indexing of property and vehicle data from digital pictures or video
- Translation and classification of extracted data
- Automated hazard and risk detection
- Virtual inspections
- AI powered decision making and recommendations
At a high level, these solutions are focused on leveraging computer vision AI technology by analyzing damaged vehicles photos and videos and saving operational cost and time while increasing the customer satisfaction.