Hollard takes pride in being an innovator. Which is why the short-term insurance team have developed a first of its kind in South Africa, artificial intelligence (AI) tool that not only records damage to a motor vehicle, but also instantly and automatically calculates the cost of repair – significantly speeding up the claims process.
To create this first-of-its-kind motor vehicle assessing system, Hollard partnered with Spanish technology company Bdeo, a company that specialises in technological solutions for streamlining insurance processes.
The two companies spent three years developing this product and adapting it for the African market. Hollard and Bdeo successfully launched the product in Johannesburg recently.
The system has two components, a self-assessment tool and the predictive self-assessment tool.
The self-assessment tool is a client module for Hollard customers who want to submit a claim. Through the system, they will receive a text message link, leading them to complete a four-step information input relating to their motor vehicle claim before the assessment process begins.
The second component is the predictive self-assessment tool, where the AI detects the vehicle damage from the information and pictures provided by the client on the self-assessment tool. Thereafter, the AI assesses the damage and generates a cost breakdown on the parts that need to be replaced or repaired, plus the labour and paint allowances required to perform the panel beating/repair job.
“This is the most exciting and disruptive claims product in South Africa. It is a game-changer for the industry and aligns with our business purpose to create and secure better futures for more people. We are already seeing exceptional value from the first few claims that were processed. The configuration of artificial intelligence is spot on and promises to deliver excellent results for our customers,” says Arie de Ridder, Hollard’s short-term division’s Head of Claims.
With the elimination of human intervention in this new system, means that assessing team will be redirected to focus on repair process assurances and ensuring customer service. When a claim is approved, they will ensure that the customer’s vehicle is attended to, and all procedures have been followed properly.
The motor vehicle damage assessment system will be in use for at least 70% of all Motor claims at Hollard. The odd cases that cannot use the new assessment system involve those vehicles considered “non-drivable”, which still need an assessor to determine the full extent of the damage.
“It’s exciting to see the hard work of the multidisciplinary team that we put together bearing fruit. This ground breaking claims product will revolutionise the way we do business,” says Pierre Geyer, Managing Executive for Operations.
He adds: “I am proud of the team and the collaboration with Bdeo. I believe that this will give us a competitive edge in servicing our customers and managing our claims more efficiently as a business.”
“It is such a pleasure to see our teams come together to automate insurance claims to benefit policyholders and enable insurance companies to become more efficient. AI is something we have been dreaming about for many years and now we are finally launching this product in South Africa,” says David Morris, Head of New Markets at Bdeo.
Hollard remains committed to investing in innovation and technology that enables us to create and secure better futures for our customers and brokers.
“We’re very excited about the potential that artificial intelligence brings to the insurance industry. This is the perfect start to what could be a roll-out of AI-powered products for our business units, making insurance better and delivering service more efficiently,” concludes De Ridder.