Enterprise AI Profile: How GEICO Uses AI
Futuriom Enterprise AI Profile
Organization: GEICO
Vertical Industry: Financial Services and Insurance
Description: Berkshire Hathaway subsidiary GEICO sells vehicle insurance of all kinds throughout the U.S. For years, the company has deployed AI to streamline customer service, claims management, and fraud detection. By identifying these challenges early and deciding to implement AI to make improvements, GEICO has been able to realize operational efficiencies, increase profitability, and maintain a leading position in the insurance market.
As noted, one of GEICO’s first applications of AI was in customer service, where GEICO saw delays in getting questions answered and problems resolved. In 2017, the company introduced a chatbot that uses machine learning and natural language processing to answer questions about the insurance industry, insurance products, and GEICO as a company. The GEICO AI Virtual Assistant, implemented in GEICO’s mobile app, can help customers make payments, get quotes, get proof of coverage, and manage drivers. It also links them to live agents as needed to help with policies and claims. GEICO has indicated that it's used its own neural networking model to produce its Virtual Assistant.
GEICO also needed help with evaluating accident reports for claims. In 2021, It deployed machine vision and AI from Tractable, a company headquartered in London, UK, to analyze photographs of vehicle damage to determine what can be repaired—or not. Tractable’s AI uses a system of triage based on photo analysis to determine the severity of damage to a vehicle after an accident, which cuts time in the claims process.
To access the rest of this article, you need a Futuriom CLOUD TRACKER PRO subscription — see below.
Access CLOUD TRACKER PRO
|
CLOUD TRACKER PRO Subscribers — Sign In |
