Vietnamese startup applies AI to the motor vehicle insurance market

Digital transformation in the insurance industry has been promoted in recent years. Many businesses have transformed and considered this a mandatory trend to help increase efficiency and productivity, reduce operating costs, enhance customer experience, etc. Many non-life insurance businesses in Vietnam have continuously applied technology to effectively transform digitally over the years, such as PTI Post Insurance, VietinBank VBI Insurance, or MIC Military Insurance, etc.

Applying AI to Solve Motor Vehicle Insurance

As artificial intelligence (AI) technology is increasingly developing, its application to improve productivity and business operations of insurance companies has begun to appear. Specifically, in the field of motor vehicle insurance, with advances in Machine Learning and Computer Vision technology making it more feasible to identify car damage, some businesses have begun to use AI to support insurance appraisal and compensation for customers in the simplest, most convenient and fastest way.

In Vietnam,FPT .AI is the first unit to provide a solution applying artificial intelligence technology to car insurance with FPT.AI CarDamage. This application uses AI to process images, detect car damage and assess the extent of car damage, as well as estimate repair costs to speed up the compensation process.

After FPT.AI, recently a domestic startup has also launched a solution applying artificial intelligence technology to motor vehicle insurance, which is AICycle.

AI Cycle easily recognizes vehicle types

This startup was founded by Mr. Do Manh Tuan, who was known as the co-founder of UpGen and the ride-hailing app Be, and Mr. Vu Thanh Hung, a PhD in machine learning in Australia, with many years of experience in developing technology products for the European and American markets. After nearly 2 years of establishment, AICycle has successfully developed many AI products to support motor vehicle insurance operations.

AICycle's solution is developed based on research on Computer Vision, Deep Learning technology and millions of collected and trained motor vehicle image data. With this solution, the application will help insurance companies visually assess and quickly identify damages, estimate repair costs to speed up the insurance compensation process when an incident occurs, usually taking only a few minutes to process.

In addition, this solution also helps businesses issue new insurance contracts quickly. Specifically, users will be guided to take photos of the vehicle at the right angle, photo data and records will be synchronized on the system. Users only need to quickly summarize general information, the vehicle condition will be issued new insurance.

Confirm vehicle condition for insurance claim

Basically, with the application of AI, insurance companies will easily make the process of issuing applications and compensation faster, more efficient, more accurate, saving time and costs. For customers buying insurance, they will have new service experiences when waiting time is reduced and transparency is increased.

Currently, AICycle's products are being tested at many insurance companies in Vietnam. In particular, Opes Digital Insurance has officially applied AICycle's products in Oto Physical Insurance - OCar from March 15, 2023.

In the future, AICycle will continue to research and develop more products for health insurance business and other insurance businesses.

What can artificial intelligence do for Vietnamese architects? AI supporting architects - this is a new trend forming in the Vietnamese architecture industry, in the context of artificial intelligence (AI) being increasingly widely applied.

Source