Artificial Intelligence (Al) is taking the world by storm especially with the latest tech hit, Chat-GPI, which has gone viral. Apollo Studios have developed a gadget that could saw consumers billions of rands should they become involved in road accidents.
According to Filum Ho, CEO of Apollo Studios, ChatGPT is a highly advanced artificial intelligence tool that consumers can use to ask any question and in return, it will provide them with an intelligent, well-written answer within seconds. From writing essays to typing software code, producing song lyrics and doing advanced calculations, ChatGPT is fast becoming what Google was when it was launched in 1998. “ChatGPT, though, is not the only advanced tool being developed. Tech giants, ranging from Google to Amazon, are also playing in this space and communities can expect to see more tools hitting the market in the months and years to come,” says Ho.
However, there is also a more unseen, practical side of this gadget that has the potential to save hours of time and money for several industries and consumers. Consumers can also use it to speed up accident claims. Ho says currently, car accident claims are a very slow and a cumbersome process. Explaining the claims process, Ho says when a consumer is involved in a car accident, what normally happens is that they will call their insurance provider and then register a claim. What ensues after that is a lengthy process where the car will either be assessed by appraisers at an assessment center or a panel beater. These appraisers then quantify the damage and send that quantification back to the insurer. The insurer then takes a long look at the claim, even moderates it, checks the prices of the parts to be replaced and then figures out where they can get the best repair work done and at the best cost. “If, after all of this, the claim is authorized, the insurer will direct you to take your vehicle to a panel beater that they have selected.” Eventually and hopefully the car is fixed. “Clearly the cycle time is long, with a lot of people involved. Because there are so many people involved, there is the risk of human error or worse, price manipulation and fraud,” says Ho.
In a bid to save consumers and insurers billions of rands, it is far better to opt for an Al-driven process for accident claims. Explaining how claims are done via Al, he says instead of having an assessor coming out to examine the car, you will get a WhatsApp message with a link in it from your provider. Using that link, you will be asked to take 4 or 5 photos of the damage to your car with your phone. An Artificial Intelligent engine then runs the pictures through its algorithms and quantifies the damage and estimated repair costs and parts required, within minutes. The insurer then views this information and validates it to ensure they are getting the best price and highest quality repair. The insurer makes use of a fair parts system which includes both Original Equipment Manufacturers (OEM) and Original Equipment Equivalent (OEE) parts. The OEE parts are manufactured to the same quality standards as OEM parts, often by the same manufacturers, but cost up to 50% less.” In addition, Al can also provide real-time updates on the progress of the repair, which can help to keep the insurance company and the policy holder informed,” says Ho.
This tool has the potential to significantly improve the efficiency of the automotive repair process in the insurance industry. By automating the estimate review process and providing more accurate repair cost estimates, it can help to save huge amounts of time and money on premiums as insurers process their claims more efficiently. “At Apollo Studios, we have already developed this technology in what is a first for the South African market.”. We will be talking more about it in the coming months. It is early days, but we are already working with several large insurance partners and we have also been recognized by a major insurance company as their innovation partner of the year,” says Ho.
