Wenn develops innovations to provide solutions for all actors within the insurance industry. In just 2 year since we identified the pains in the claims handling process, we have developed and tested a proprietary AI-driven engine that uses computer vision and a set of machine learning techniques to automatically identify and appraise car damages and provide highly accurate cost report. Our pioneering solution will radically transform the claims handling process for insurance companies, auto repair shops and claimants. It is an end-to-end solution that also has the flexibility to easily integrate into any legacy system. The engine is a cloud-based, white-label SaaS. Unlike any competitor, our use of 3D imaging ensures we can provide automatic accurate cost reports (parts and work hours) based on surface and internal damage instantly. Our edge-based app solution uses the camera and accelerometer to guide the claimant through the image capturing process. Claims handling is critical for value creation within an insurance company due to its significant impact on loss ratio, cost ratio and the overall customer experience – the 3 most important factors affecting industry profitability. Nevertheless, insurance claims handling systems are outdated, inefficient, costly and subjective. The current claims handling process is further cumbersome, tedious and complicated for all players in the value chain.
The 24 month WAIT project will involve involve 4 main development areas.
1) Three distinct MVPs;
a. improving the appraiser engine with techniques to create digital car damages for enhancing Ai-algorithms
b. develop full solution for garage mode
c. develop a fixed setup (rig) for 247 access to the public to perform car damage assessment
2) A full solution for the customer journey, including policy interpreter, insurance coverage comparison, and integration and innovative enhancement of existing insurance companies solutions..