Zurich Insurance announced today that the company will begin using Artificial Intelligence (AI) in its claims department.
In a recent statement to Reuters Tom de Swaan Chairman of Zurich Insurance Group A, explained the company’s intent to use Artificial Intelligence to (AI) to evaluate and decide on Injury claims.
In the announcement, de Swaan explained that the company had recently conducted a trial run using AI to evaluate personal injury claims. According to de Swaan’s statement, the company has been happy with the results. He boasted that the com[pany’s use of the technology had allowed the company to substantially cut the time required to review files from hours to seconds, saving the company an estimated 40,000 work hours and expediting the claims process.
Zurich Insurance Group, a Switzerland-based global insurance company, is one of the world’s largest insurance providers. Founded in 1872, Zurich and its subsidiaries provide insurance products in services in over 170 countries worldwide.
Zurich represents a new trend in businesses use of AI as an aggregator and evaluation tool. As AI and machine learning-based technologies continue to improve, the use of systems like the one deployed by Zurich will continue to expand. As of now, it appears that Zurich will be the company leading the way for the use of AI in the insurance claims industry, and others are sure to follow.
As more and more information is collected and sorted by Artificial Intelligence, we are left waiting to see what the cost and benefits to individual consumers will b