In this special guest feature, Gilad Avrashi, CTO & Co-Founder at MDgo, believes that now is the time for the Insurance industry to leverage AI Technology to unlock the power of data and provide personalized services that customers demand to retain them as loyal customers. As CTO of MDGO, Gilad spearheads MDGO’s Technology vision and direction. Prior to founding MDGO, he served for six years at Rafael Defense Systems at the National Acoustic Lab, where he headed a team of engineers and researchers and conducted full-scale trials at sea. During his time at Rafael, he also headed the Algorithmics team of several top projects, received 3 Certificates of Merit and was awarded the Ministry of Defense’s prestigious Katzir Grant. Gilad holds a MSc in Electrical Engineering, Signal Processing and Communication from the Technion – Israeli Institute of Technology.
Data is transforming the way we live and how consumers engage with service providers. Most industries are using data to personalize offerings for customers and provide real-time expertise to strengthen relationships while gaining consumer trust. We are seeing this with Netflix making personalized movie recommendations based on the viewer’s specific interests and history. Now is the time for the Insurance industry to leverage AI technology to unlock the power of data and provide personalized services that customers demand to retain them as loyal customers.
In addition to leveraging data for personalized services, insurance providers must compete on price to retain today’s customers. AI technology gives insurers the data needed to streamline the claims process, while reducing costs to pass savings off to customers. Leveraging data from advanced technologies to better understand drivers and accidents drives customer retention, brand loyalty and savings.
Despite the obvious benefits of leveraging data, very few insurers currently do it, creating gaps between their capabilities and customers’ immediate needs and expectations. For instance, according to the OECD, 44% of car crash fatalities could have been prevented if real-time data on the type and severity of their injuries were available for emergency medical services and treating hospitals. Indeed, AI technology has the power to uncover real-time insights from car accidents including occupants’ injuries and vehicle damage, providing lifesaving information to medical teams.
Utilizing advanced machine learning algorithms, ADR technology (Accident Detection and Response) can analyze the crash pulse recorded by vehicle telematics devices and virtual sensors to provide detailed reports. Beyond life-saving capabilities, AI can provide personalized services to drivers, such as automatically recommending a tow truck or autobody shop after an accident, as well as other location-based associated services.
ADR, powered by AI technology and machine learning capabilities, has huge potential for data applications in the insurance industry, and here’s a bit about how it works, beginning from the moment a crash occurs.
ADR’s initial, and potentially most significant, application of AI is to extrapolate crash test data to better understand and predict the connection between vehicle acceleration (or deceleration) and potential injuries. Advanced machine learning algorithms are used in tandem with physical sensor devices installed in the vehicle to accurately detect crashes as they happen. In order to address one of the most significant pain points of insurers, i.e. accurate and real time first notice of loss, which is driven by a low false negative and false positive rate.
