Insurers Embracing Machine Vision for Underwriting and Claims

Novarica profiles 8 vendors of machine vision solutions

Boston, MA (Mar. 19, 2019) – As unstructured sources of photo and video data continue to proliferate, machine vision technology offers insurers the ability to automate, scale, and enhance risk evaluation while seeing gains in operational efficiency and cost reduction. In a new report, Machine Vision in Insurance: Use Cases and Emerging Providers, research and advisory firm Novarica provides an overview of machine vision technology and current use cases in insurance, as well as profiles some emerging providers in this space.

“Many general-purpose machine learning platforms offer machine vision components that can be trained to take in photos and make assessments, though they begin with no preexisting knowledge of insurance imagery or use cases,” said Jeff Goldberg, Executive Vice President of Research and Consulting and author of Novarica’s new report. “At the current stage of technology evolution, the kinds of purpose-built, insurance-specific machine vision solutions covered in this report will provide more value with fewer resources and less investment.”

A preview of the brief is available online.

Summary

Insurers now have access to an unprecedented quantity of image and video data. Many still manually review these data sources, but limited insight can be gleaned by this method. Carriers are beginning to invest in machine vision technology to process this data, programmatically analyzing risk factors in photos and videos and making sense of these vast image stores. Machine vision offers insurers the ability to automate, scale, and enhance risk evaluation while seeing gains in operational efficiency and cost reduction.

This brief provides an overview of machine vision technology and current use cases in insurance. It also profiles some emerging providers in this space, including Cape Analytics, Flyreel, Pointivo, Betterview, Claim Genius, Galaxy.AI, Tractable, and Lapetus.

Click here for the table of contents or to access the report.

About Novarica

Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.

Source: Novarica

Tags: , , , ,