The insurance industry is renewing itself and does not want to be left behind in the advantages offered by Artificial Intelligence (AI), especially in automating and reducing procedures that make life easier for users.
According to Carlos Jiménez, director of damage and automobiles at the Mexican Association of Insurance Institutions (AMIS), currently eight out of every 10 accidents that occur on the country’s streets are handled solely digitally.
“The classic image of the adjuster taking notes on a document and compiling information about the incident is now a thing of the past. Currently, most claims are managed digitally and in a matter of minutes, thanks to technologies such as artificial intelligence,” highlighted the manager.
Jíménez explained that insurers trained their own AI models with historical data of incidents, thefts or real situations that allow them to improve the first interaction with the client and manage any claim more quickly.
For example, AI tools allow insurers to perform an initial assessment in accident cases. Using a chatbot, the affected person is asked if there are injuries, if a tow truck is needed and the type of collision, which allows a faster response, Jiménez added.
“AI quickly determines what happened in an accident, the damage caused and the best way to proceed. It suggests to the client the steps to follow, how to take photos of the damage or what additional information to provide, and once the claim is submitted, the AI manages the entire process without long telephone waits or complicated procedures.”
For the manager, another benefit of technology for the insurance sector is to make it easier for more people to access car insurance, improving flexibility and speed in the interaction with the contracting of policies that suit their needs.
In Mexico there are 15.5 million insured vehicles, which represents only 33 percent of the total vehicle fleet, according to AMIS. The organization expects that by 2024 the industry will grow 10 percent with the help of technology.
“The sector has always opted to digitize procedures, offering multiple communication and access channels for policyholders, including digital options, social networks and personal contact, which makes it easier for more people to be insured.”
Jiménez added that part of the digitalization in the industry allowed the creation of new companies that, although they do not offer policies directly, help users choose insurance that suits their needs.
Leonardo Cortina, director and co-founder of the Mexican insurtech miituo, stated that now people can compare, evaluate and measure a policy for their car by price range in a more agile way with the help of technology.
“Before, taking out insurance meant going to an institution, carrying paperwork and facing policy options that you didn’t understand. However, thanks to technology, now a person can take out a policy in a matter of minutes and adapt it to their needs,” he told El Sol de México.
The company founded in 2017 indicated that people guide their decision when purchasing car insurance on three points: budget, use of the vehicle and risk. Cortina explained that today driving is an essential part of daily life, whether for mobility or as work equipment, which makes insurance necessary.
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“Many people have their car as a means of generating income, so it is one of the most important properties, and not protecting it can affect both a family’s finances and, in the event of accidents, third parties.”
According to AMIS, compensation for automobile insurance coverage reached 100,840 million pesos in 2023. Of this total, 60 percent was for damages to third parties and the insured vehicle, 20 percent for payments for meteorological damage and another 20 percent for cases of theft.
2024-05-25 09:00:00
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