Japan: AI at Tokio Marine to enable same-day insurance pay-outs
Source: Asia Insurance Review | Sep 2018
Japanese insurance giant Tokio Marine will begin same-day insurance pay-outs for automobile claims as soon as 2020, shortening the claims process by two to three weeks. Pay-outs could be made within 12 hours.
This will be possible thanks to the group’s investment in an American start-up that applies AI and smartphone technology to the field, reported Nikkei Asian Review.
Accident reporting, claim settlement and payout will be completed entirely through a smartphone app that automatically locates where the accident took place. Users will send pictures of the damage with their smartphones to be analysed by AI, which compares such data as past incidents and car models to make a quick assessment. Policyholder data will also be used to prevent false claims.
This system will let policyholders receive pay-outs within about 12 hours for minor damage, such as a single-vehicle fender-bender, that does not require negotiating a settlement between two claimants.
Meanwhile, Sompo Japan Nipponkoa Insurance, part of Sompo Japan Nipponkoa Holdings, has taken a stake in Trov, a US provider of on-demand property insurance. Starting as soon as this year, the company will offer coverage for individual stolen items like cameras within hours. A