Remember the last time something happened in your personal life that led to a deeper understanding of a professional project you’d been working on? For me, it was last year, when someone backed into my brand-new car in the parking lot at a home improvement store.
The moment I heard the crunch of metal, I knew I was in for a headache: A tedious and manually intensive claims process involving drivers, insurers, police, repair shops and, sometimes, medical facilities—a process that costs insurance companies $19 billion every year.
Even though there were no injuries and just minor damage, it still took over a month to negotiate the repair. I spent hours on the phone with the insurance company answering what seemed like the same questions over and over again—all while driving a 30-day rental at their expense. I wanted so badly to ask, “Have you heard of CIP?”
Let’s replay the scene with Accenture’s Cognitive Insurance Platform (CIP)
It doesn’t have to be this way. The entire claims process can be streamlined, using tools like telematics and artificial intelligence (AI) to extract relevant information from unstructured data sources like images, videos and documents.
These tools and more are part of Accenture’s Cognitive Insurance Platform (CIP). While the platform is built to encompass all things cognitive throughout the entire insurance value chain, one component is an end-to-end solution that analyzes accident-related data using computer vision to turn around estimates in real time. It seamlessly integrates with core insurance systems and third parties alike, removing friction and keeping the claims process as smooth as possible for customers.
With CIP, here’s how the aftermath of an accident like mine could be handled:
- The collision is automatically detected through telematics embedded in my car.
- An agent calls to see if I need medical help, a tow truck or a replacement vehicle. Noting my GPS location and my policy coverage, the insurer quickly sends me what I need.
- After collecting a few details, they send me a text message with a link. I click it and begin uploading pictures of the scene, the damage and the other driver’s information.
- Within minutes, AI ingests the images and creates an estimate. If it aligns with the repair shop’s analysis later in the day, the work is automatically authorized.
- To help determine fault, AI compares pictures with ingested text from the police report and forensics from my car’s onboard diagnostics (OBD II) port—a veritable black box for vehicles.
Get a step-by-step breakdown of the full CIP user experience.
Cloud: The key enabler
In addition to improving the customer experience, AI-driven solutions like CIP can reduce up to 80% of claims adjudication costs, driving $2-3 billion in savings each year in North America alone. Eager to capitalize on leading technologies, insurers have been chasing similar opportunities for years, but those initiatives have usually either stalled in production or have had little effect in the field.
But, the technology is mature. The algorithms have been around for decades. What’s the hold-up?
The power of CIP is the cloud, the foundation for digital transformation. To use and analyze unstructured data at scale, you need computing power to run algorithms and handle massive volumes of data at speed. The top 10 US insurers would each need 10-30 petabytes of cloud consumption to bring a better claims experience to life. (That’s anywhere from 22-67 million DVDs of storage.)
Getting on track with the right kind of cloud transformation
You’ve probably heard from plenty of integrators promising a cloud-based claims solution. But insurance companies that have long struggled to reinvent claims are now turning to Accenture for help because ours is an end-to-end approach. Additionally, our integrated capabilities and longstanding relationship with Amazon Web Services (AWS) help you get a solution in the field faster with a solid IT foundation to carry through to production.
With its AI and machine learning solution components running on AWS, CIP will be part of the Accenture Insights Platform (AIP), which unites thousands of data sources in a governed environment to ensure they’re used and managed properly. It's a great example of harnessing the power of the cloud in an age when companies are on a quest to increase cloud adoption and become “cloud first” enterprises—modernizing the IT estate while building cloud skills and developing a culture of innovation.
CIP’s real-world practicality yields real-world results. It has already helped one of our large insurance clients cut costs throughout its global claims process, and it can also free up employees to work on claims that are far more complex than my little fender bender.
Most importantly, we now have a way to create an easy, intuitive and effective claims process that yields impressive business benefits. Accidents are unfortunate, but the aftermath doesn’t have to be.