How to integrate AI in the insurance industry?

Let's start this blog by giving you the answer to the question of the title: Perif.ai. Now we can get into the details.

The automotive and insurance sectors are linked, and the evolution of one entails, or should at least, the adaptation of the other. Surely your mind has gone to more current topics such as electric or autonomous cars, or more futuristic ones such as flying cars. But today, we are not talking about that.

So what is this all about? Well, at TheCUBE we care about creating a future that solves the problems that society may encounter. We stay ahead of the curve, using the most advanced technologies and treating projects in the most sustainable way, creating solutions that truly last over time and provide value, like the one we tell you about in this blog.

We had been keeping an eye on and analyzing the future of the automotive sector for some time and we could see that a very important player in this sector was not innovating at the same speed: the insurance companies.

Just as we have been able to see all the technologies that have been applied and transformed for their integration in the automotive sector, in the insurance sector it is proving to be more complicated. That's when we asked ourselves the question that gives title to the blog: How to integrate AI in the insurance sector?

This process took place in one of our Labs, part of our ecosystem where the most disruptive innovation is boosted. Here we realized that we had the opportunity to improve the insurance sector through technology.

But, as soon as you get to know us, you will know that at TheCUBE the idea is only the beginning of the road. Ideas need to be validated, meaning that we need to test them in a real environment and with real customers. That is what we have done with Perif.ai during the last year to be able to present it today as a reality that comes to change the market.

Now that you have understood a little more about how we got here, it is time to talk in depth about the product: Perif.ai is the solution that allows automating the processes of recognition and appraisal of car damages in a comprehensive way.

In other words, it is the solution that allows insurers to save time and costs, serving as a tool that improves the work of appraisers, workshops and fleet managers.

These are the solutions that make up Perif.ai:

Verif.ai Insurance: Digitalizes and optimizes the process of contracting new policies, forgetting the paperwork and the traditional paperwork.

Verif.ai Fleet: The AI recognizes the car’s external damage by using the user’s pictures.

Perif.ai: Automatically assesses and evaluates vehicle damage.

Perif.ai 360: Includes the previous solutions, and also offers the support of an expert appraisal team.

There are two fundamental technologies behind the operation of Perif.ai which are: AI and Deep Learning based on Machine Learning.

AI allows us, for example, through the taking of photographs of a car we obtain a series of results about the damage without the human factor having to interfere.

On the other hand, Deep Learning is a self-learning model that through the analysis of photographs, identifies in less than 66 seconds, the damage of the vehicle accurately. Therefore, our analysis results are continuously improving.

The combination of these two technologies allows us to have a continuous improvement tool that minimizes the possibility of errors.

Thanks to this and all the work behind it, we can say that after one year of validation there are already more than 400 garages that have trusted Perif.ai’s solutions, more than 25,000 photographs have been analyzed and more than 1,000 expert reports have been performed, achieving more than 92% accuracy in each analysis.

At a business level, the positive impact of Perif.ai can be reflected in two very important factors, which are time and cost savings in all insurance processes.

Today, with a tool such as Perif.ai, the time it currently takes to perform an appraisal is reduced from between two days and a week to just a few minutes.

This time saving can also be seen in Verif.ai with the insurance contracting process, which goes from 24 to 48 hours to just a few minutes.

In terms of costs, it benefits insurance or automotive companies by reducing the possibility of fraud to 0%. A tool such as Verif.ai, manages to guarantee the status of a vehicle at the entrance and exit of a service, which means the elimination of the possibility of fraud.

In the words of its CEO, Julio Rodríguez Montero: "The implementation of technological solutions in the insurance and automotive sectors is an advantage when it comes to improving times in classic processes and generating savings in the operational cost structure".

Perif.ai's philosophy is reflected in its motto #KeepImproving,which is a way of representing continuous improvement. This is something that comes from TheCUBE's own philosophy and its desire to keep growing. Therefore, we expect it to become the number 1 tool for quoting new policies in the insurance sector, being the most disruptive technology used in the automotive sector.

These digital solutions are the result of a focused thinking, not only on technology, but also on sustainability, which is fundamental to TheCUBE's vision of the future.

The implementation of digital processes in the contracting of new policies or the automation of appraisal processes have a direct impact on the reduction of the carbon footprint.

The Perif.ai project was born in TheCUBE, and has followed an ambitious and steady acceleration plan, counting on our leadership, technology and design team. Here we have shaped from the idea to the image behind the brand.

Now, while continuing to provide our support, it is presented to the public as what it is, the most effective time and cost saving solution that aims to become the most widely used in the industry.

Perif.ai is already on the market, but the journey continues.