Insurance: Auto Menace Settlement- The Cognitive and Deep Learning Way
The Changing Era
There was time in the Era of Industrial development when machines were merely tools of development; monsters meant to get the job done faster, easier and finer. With the times changing and machines having learnt from their experiences and with the remarkable tools of Cognitive learning, Neural Network Research and Deep Learning – the machines have gone from just being tools of convenience to becoming the perfect Consigliore.
They not only manage the macroscopic needs of Human Race, but also keep a count of the microscopic needs of an Individual Homo Sapien. The personal touch into human lives has been enhanced to such an extent that not only the daily cobwebs of incidences is managed by Machines but also the inevitable and unplanned can be managed seamlessly with these machines. This has been proven well in my previous blogs.
Venturing into Cognitive Insurance with Deep Learning
Insurance is the another sphere where the whole concept of cognitive technology can play a pivotal role and minimize the human intervention. The insurance process in today’s time is tedious, time taking and lethargic. Because of lack of automation and synchronization between various machines, humans and departments – insurance claim can become a nightmare. However, the future that is about to arrive is much different. Cognitive Technology has changed the entire way the whole insurance process is carried out. Remember our friend Sam who made a trip recently. Something happened to him and let’s have a look at how things unfolded:
Mishap Management and First Response
Real Life Scenario: By a steep corner where a road construction is going on, a speeding truck suddenly loses control and BANG! Sam finds his car between a wreckage of other cars within seconds. The accident leaves him in a state of physical trans fixation.
Cognitive Play: But as soon as the accident happens not only the Air bags of the driver’s seat deploy, but also multiple systems in the car and the personal devices that Sam carries start working. Among these systems, first the Primary Information system has started making the necessary calls categorized in two formats: The Primary Life Support Intimation (PLSI) and the Secondary Personal Information System.
Let’s learn what they do more:
The Official Life Saver and Misery Concierge: PLSI
The PLSI is then connected with the live feeds of the car call in the national emergency number and provide them the necessary information regarding:-
- The GPS coordinates of the accident
- Possible vehicles involved from the feeds of the car Cameras
- The Identification Details like (Social Security Number, etc.)
- Emergency telephone numbers
- Details of the Vehicle (Registration No., Driver’s Licence details, Road Permits, Road Toll Logs)
All these are necessary in order to initiate the Auto Insurance Claim process. Since there is a separate need to call the Police as per the country norms, the PLSI makes arrangements for that too. It intimates a dedicated server back at office to log on to the Police Website to lodge an Official First Information Report (FIR) for correspondence and needful.
The Personal Fail Safe: SPIS
The Secondary Personal Information System (SPIS) triggers the mechanisms which are meant for the personal benefit of Sam.
Real Life Scenario: The friends and doctors have been informed and an ambulance is on the way to get Sam to the hospital. All the vital information has been received by the doctors in the hospital and they are expecting Sam soon to get admitted so that the immediate treatment can be started. The phone numbers that were stored for emergency situations have been informed and they are on their way.
Cognitive Play: This system along with his continuous medical condition has sent the record of his Pulse Rate and Body temperature as a premier medical profile to both his family and the nearest preferred hospital (selected from the records of his previously cases and Insurance Policy Sanctioned Hospitals). If he has a concierge physician, he or she has been informed about this mishap. Being an extra caring system it also pulls out the data of past medical records, medical proscriptions, deficiencies etc. and has submitted the same to the Hospital to which Sam has been admitted for thorough diagnosis and careful medical treatment.
Starting up the Auto-Insurance process
Step 1: Initiating the process:
Real Life Scenario: Sam is being taken to the Hospital and treated so that he could get back to home safely. His friends and family are with him supporting him morally and emotionally.
Cognitive Play: A separate server lined up with the premier response servers has simultaneously initiated the claim registration process by pulling up:
- Sam’s Driver’s Licence
- Vehicle’s National Registration Number
- Chassis Number
- Engine Number
- Past Car Service records
This is being submitted along with a Standard Claim Form Filed with respect to the Initial Incident report filed.
Step 2: Eliminating the need of Insurance Inspector
Real Life Scenario: In the past when Sam took the insurance, he had received a thorough comparison through his computer. Hence the machine having helped Sam in the first place did the following anyway:
- compare and book the Insurance Policy keeping in mind his budget & requirements
- company performance records
- claim settling average time
- quality standards
Cognitive Play: Now, the machine knows everything that has to be done in order to take that Auto Insurance Claim. From the records of the First Police filling, the CCTV networking recordings, and from the pictures taken both by devices inside and outside the Vehicle. The systems are able to eliminate the absolute necessity of today’s insurance scenario: The Insurance Inspector. Backed by the photos, accounts mentioned in the FIR, Garage logs and Internal Vehicle Assessment report generated by SPIS; it’s able to provide for the best authentication of the calamity and thus is able to verify and hold responsibility for the truthfulness of the data; which eventually today is done by the poor Insurance Inspector.
Step 3: The Paperwork and Meddling: all handled by computers
Real Life Scenario: Sam is still bedridden and is recovering slowly. His mind is completely off the whole insurance thing as he knows it is being taken care of. The record of his recovery is also being recorded.
Cognitive Play: Thus the Cloud Server has already started to keep a record of the processes including:
- Investigation report
- To claim filing and approval
- Settlement repairing to reimbursements filling
With the machines having all the data and past records at their disposal are therefore able to cooperate with all the authorities in ways better than Humans.
Step 4: Confirmation and Final Police Report
Real Life Scenario: Sam is better and will be discharged in few days.
Cognitive Play: The whole insurance claim system is in sync with the recovery record system of hospital. They specifically know the dates Sam will be discharged and by then, he should have his car just as good as he had before. The dates have been intimated further so that there are no inconveniences to Sam after such a mishap.
The final Police report is filed and a copy of the same is provided to the Insurance company by the systems for intimation of any mortal fault or vehicle part failure or road blockage as the reason of accident in order to initiate any Third Party Insurance Claim inspection if necessary as per the Final Police Report.
Step 5: Claim the property loss
Real Life Scenario: Sam is a little worried if he had some valuable asset in car which could have been damaged during the accident and how can he cope up with that. He is informed that the insurance policy covers that as well.
Cognitive Play: Technologies have been developed to have an In-Cabin scanning for any valuables that could get damaged in the accident to claim the Property Loss Insurance which is provided by his Company. Thankfully, nothing was found.
Step 6: Claim Settlement
Real Life Scenario: After having his health recovered Sam will soon collect all the requisite documents regarding his treatment generated by the Cognitive Intelligence Systems.
Cognitive Play: The Insurance Company has been intimated to have a meeting arranged with a Claim Settlement Officer from the Insurance Company. This meeting helps Sam know the sanctioned and approved claim, and with this he’s able to have the information about what part of the claim is covered and what is that he’ll have to manage on his own.
After all, a Human Touch is somehow necessary for personal satisfaction.
Step 7: Vehicle Repairing
Real Life Scenario: Only a few days left for Sam to recover and he is using his phone to check the status of insurance claim. He is happy to see that the repairs will be done before he is discharged. Sam is super excited that upgrade about which he was thinking for a while has been done and is clubbed insurance claim. Otherwise, he had been speculating the expenses all along and was not going for it.
Cognitive Play: Having settled the part of covered non covered expenses explanation, the Smart Systems now coordinate with the insurance company after the Claim Settlement Officer has filed a Preliminary Closure report. The Systems after searching from the options the Claim officer has provided for the repair of the vehicle keeping in mind the preferences of Sam (if any of the options matches with his past favourite garages), Community reviews, Quality standards, Genuineness of Parts, Estimated cost of Repair and Recovery, Expected time of Service etc.; provide consent for the Vehicle Repair Initiation and arrange for the pick-up of the damaged vehicle either from Sam’s.
Step 8: Checking and Full Proofing of the Claim Closing
Real Life Scenario: Sam will be discharged in the evening and he also expects to see his car soon. He is just putting his digital signatures and entering his passwords wherever required.
Cognitive Play: Closing of the claim settlement will be done on the basis of all the maintained documentation submission and signing of final closure reports. Either they be cashless transaction process or they be reimbursements, the servers even keep an eye over the amounts received. In case of any discrepancy the systems identify the flaw and inform Sam as well as the authorities by filing a formal complaint and keeping and tab on the proceedings having well studied the National Insurance Laws and gained experience from the claim settlement process.
Step 9: Getting the vehicle Back
Real Life process: His car is right in front of the hospital and he drives his family home with utmost ease.
Cognitive Play: The system checked for need of any third party claim processes. Also for Third Party Claim process in some countries Letter of Subrogation, Indemnity Paper Trails have to be done by the insurer and the insured itself. Base on the requirements of the policy norms the systems also kick in the processes to felicitate the making of these documents as well. In some other countries and elite Auto Insurance Policies the Company provides for a Rental Car reimbursements all through the claim settlement process. The booking and documentation for having such Rental Cars acquired and delivered if available is also be done automatically as soon as the Insurance Claim has been approved and initiated for process.
What we observe?
Eventually all the possibilities based on the type of Accident and damages, National Laws, Insurance Company Norms, Hospital Norms and Offices/ Authorities operations are being catered just by systems on their own ensuring the best Consumer Experience in as seamless manner as possible. All of this; just because we’ve allowed them to communicate, analyze, self-learn, formulate patterns, and remember based on their experiences.
Experiences like these need to have a good Samaritan around who has all the possible details of the suffering soul; Cognitive Systems with their potential to learn and take decisions for the bearer on their own has made many lives like Sam’s feel the warmth of the unique and unexplained relationship that technology plays in our lives. The soundness of intent and the sheer urge of having everything managed in a flawless manner has lead human excellence to find ways which can change the scenario of how Insurance and Securities Business can be managed in real time.
Eventually the saying says true to its best sense: “The immaterial has become immaterial”.
And most of all: Ride Safe, till your car becomes smart enough.