Photocert- InsurTech Innovation Award 2022
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Photocert offers computer vision and AI solutions to automate insurance claims processes, enhance fraud prevention, and improve customer experience. Their solutions allow for damage identification, value estimation from photos, and authentication of images. They have case applications for motor and property insurance claims that integrate with existing workflows and can speed up claims processing from over 14 days to under 10 minutes while improving fraud detection. A company using their motor claims solution could save up to £2 million per year.
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Photocert- InsurTech Innovation Award 2022
- 2. 2 Photos & videos are easily altered which leads to costly results: • Expensive remedies (face-to-face inspections) • Bad customer experience (manual processes) • High fraud rates Can you really trust what you see?
- 3. 3 Value-added image analysis Computer vision, AI and augmented reality techniques to extract valuable information. object detection text recognition damage identification value estimation Photo & video authentication 100% accuracy for any picture taken with our applications and validation for third-party images. image integrity GPS location time stamp forensic analysis Photocert has a variety of products that can be combined into applications to automate processes and enhance clients’ capabilities. Photocert Process Automation Great Customer Experience Fraud Prevention
- 4. 4 Case Application: Motor Insurance Claims The existing claim process is complicated and costly. It is time-consuming, allows for multiple fraud opportunities, and offers a poor customer experience. 83% 2.9% £628m fraudulent claims in the UK (2018) of customers switch providers after a bad claim experience UK net margin (2017) Source: ABI (Association of British Insurers), Deloitte, Accenture
- 5. 5 Gives complete flexibility to handle an insurance claim: • Integration to existing process • Fraud detection based on photo forensics • Damage identification & estimation • Information extraction from pictures (e.g. odometer, number plates) • Video calls Claim Management Web Application
- 6. 6 Policy issued Accident Claim Scheduling Inspection Analysis Settlement Partial AI automation Claim process 14+ days With Photocert 10 mins* Customer Value A company with 25,000 claims per year can get up to £2m in direct and indirect savings. * If the analysis is done using the damage detection and estimation module. potential fraud =
- 8. 8 Self-Claim Property Submit a property claim in minutes: • Integration to existing process • Fraud detection based on photo forensics • Damage identification & estimation • Augmented reality for wall measurement • Straight trough process for Low Value Claims • Video calls
- 9. 9 Content Underwriting Submit a property claim in minutes: • Integration to existing process • Fraud detection based on photo forensics • Damage identification & estimation • Augmented reality for wall measurement • Claim Handlers can monitor multiple cases at the same time • Video calls
- 10. 10 Case Study : ITAS ‘With ITAStima Facile - new claim app - we have improved and speeded up our processes without sacrificing safety and once again putting our policyholders first.” Claudio Gava, Claim Division ITAS is one of the top 10 Italian non-life insurance groups with 750 employees and 650 agents. They wanted to make motor claims fast and easy, improve their customer experience, and prevent fraud attempts. With Photocert, incident reports are done within 12 hours while it used to take 5+ days on average. Claim handlers can follow multiple cases at the same time, and ITAS has experienced a 63% increase in their net promoter score.
- 11. 11 Marco Ciervo Head of Tech Computer vision expert with five years of experience managing software development Core Team Jorge Melgar COO Successfully developed $1B projects with 19 years of experience in business development & start-ups Pasquale Saviano Founder & CEO Software engineer with over ten years of experience developing solutions for multinationals Cos.