NGRAIN Uses AI and Photos to Settle Insurance Claims in Seconds
Canadian software company spins aerospace tech to launch new offering that closes claims in record time.
NGRAIN brings AI and computer vision to process photos taken with a smartphone, opening the door for insurers to appraise and settle claims in moments.
NGRAIN, the leading provider of damage assessment software using artificial intelligence and 3D technology, unveiled today a new offering for insurance carriers and solution providers looking to automate the handling of insurance claims. Spun off of proprietary technology the company originally developed for use in aerospace and defence, NGRAIN offers insurers the ability to use AI to process photos of vehicles and property.
Estimates for claims can be automatically written and processed immediately following the First Notice of Loss. Instead of waiting days or weeks to have a vehicle or property appraised for damage, NGRAIN brings AI and computer vision to process photos taken with a smartphone, opening the door for insurers to appraise and settle claims in moments — without any human involvement.
“About 40% of the time and cost of processing a claim comes from the need to assign appraisers or adjusters to assess damage by hand,” says Dr. Barry Po, Senior Director, Product and Business Development. “With our AI-powered damage assessment technology, we’re excited about the potential to dramatically improve the ability of insurers to be there for their customers when they are needed most in a time of loss.”
NGRAIN customers include all branches of the US Department of Defense and the Canadian Armed Forces. NGRAIN also supplies Lockheed Martin with the Battle Damage Assessment and Repair capability used on the F-35 and F-22 stealth fighters. Within insurance, the company works with major insurance carriers, appraisers, and auto repair operators across North America.
To learn more visit the NGRAIN Web site at http://www.ngrain.com.
