Harnessing the power of Artificial Intelligence to streamline insurance claims processing

By Théophile Niyitegeka
On 1 July 2023 at 02:41

Car accidents are devastating occurrences that not only claim lives, but also result in substantial material losses, leaving individuals burdened with the aftermath. In an effort to aid affected customers, insurance companies offer compensation for these losses after thorough consideration. However, the journey to obtain rightful compensation sometimes becomes a protracted and arduous ordeal.

Whether you opt for an in-person visit or resort to email correspondence, the painstaking task of evaluating damages and estimating repair costs can become an unwieldy burden, particularly when relying on outdated manual procedures.

It becomes evident that a dire need exists for innovative and efficient solutions that expedite the process, providing customers with a seamlessly smooth experience.

While it is imperative to acknowledge the potential drawbacks of Artificial Intelligence (AI) for users, it is equally essential to recognize the immense benefits it brings in simplifying a myriad of processes and tasks.

In light of this perspective, Sygma.AI technology company headquartered in Morocco, has ingeniously developed a cutting-edge platform that streamlines insurance claim procedures.

This innovative solution was recently showcased at the inaugural GITEX Africa Summit held in Marrakech, Morocco.

It empowers insurance companies to estimate costs with unprecedented efficiency. Human involvement remains vital, but the focus has shifted from manual control to validating outcomes, optimizing the overall process and ensuring swift resolution.

Speaking to IGIHE, Yassine Rahmi, the CEO and co-founder of Sygma.AI, shed light on their mission to digitalize the claims process.

Rahmi explained that Sygma.AI’s solution simplifies the entire claims process for customers.

"When a car accident occurs, all the customer needs to do is take a photo of the damaged vehicle and provide the car’s registration information," he said. "In just a matter of minutes, we can provide them with an accurate estimate of the repair cost. This streamlined approach alleviates the burden on customers, eliminating the need for extensive paperwork and prolonged waiting periods."

Sygma.AI primarily collaborates with insurance companies to enhance the claims process. Once the customer provides the necessary information, Sygma.ai shares the data with the insurance company, empowering them to make informed decisions. Rahmi elaborated on the process, stating, "The insurance company evaluates our estimates and validates them with their own experts. This collaborative approach ensures that the insurance companies receive accurate information while expediting the claims process."

Accuracy and efficiency are of utmost importance to Sygma.ai. While they currently achieve an impressive accuracy rate of around 75%, Rahmi highlighted that their clients, the insurance companies, receive estimates that are 100% accurate. This is made possible by the involvement of human experts who meticulously review and validate the estimations before they are shared with the clients. Additionally, this quality control process aids in training the model for future enhancements.

Rahmi expressed their vision, stating, "Our goal is to provide our clients with answers to their queries within 30 minutes with human intervention, or within 5 minutes using our automatic processes. Ultimately, we aim to process all accidents within a remarkable 5-minute timeframe."

Sygma.AI’s journey has not been without its challenges. Accessing sufficient accident data for training their model proved to be an initial hurdle. However, they overcame this obstacle by collaborating with friends and leveraging their photo archives to bootstrap their data collection efforts. With a minimum viable product (MVP) in hand, Sygma.ai was able to engage with insurance companies and effectively convey their vision.

Looking to the future, Sygma.ai has ambitious plans to expand their offering beyond pricing estimates. They are actively working on developing fraud detection algorithms to identify suspicious claims and inflated quotations. Moreover, their goal is to provide end-to-end claim management through their platform, allowing clients to submit files, complete necessary tasks, and even receive payments seamlessly.

The benefits of Sygma.AI’s collaboration with insurance companies extend beyond streamlining processes. By minimizing accident costs, insurance companies can reduce insurance premiums, making coverage more accessible to a wider population.

"Our partnership unburdens insurance companies, allowing them to focus on crucial aspects of their business while entrusting us with repetitive and resource-intensive tasks," emphasized Rahmi.

Sygma.Ai was among tech companies that showcased innovations at the inaugural GITEX Africa Summit.