Olivier Baudoux is senior vice president of global product strategy and artificial intelligence for Mitchell’s Auto Physical Damage division. A highly regarded technical leader and expert in artificial intelligence and automation, he excels in formulating technology strategies to meet diverse customer needs and managing development across global teams.
As an industry, we are just beginning to reconcile initial expectations with the current state of claims automation. So what better time to evaluate our progress and the road ahead?
For more than six decades, innovators have attempted to unlock the full potential of artificial intelligence (AI). That dramatic growth has only accelerated over the last year due, in part, to the pandemic and a “new reality”. According to one report, 87% of carriers are now spending in excess of $5 million annually on these technologies, which is more than in the banking and retail sectors.
By 2025, the global data and analytics company predicts that more than 80% of claims processed will be virtual, and up to half of non-injury claims fully automated. So what does this mean for the auto insurance sector?