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Renaissance Insurance teams up with Mains Lab to incorporate AI technologies to calculate damages when handling motor insurance claims – a first for Russia

26 October 2021 Renaissance Insurance

Renaissance Insurance handles hundreds of insured events every day, and one of the essential elements of this process is calculating damages to vehicles.

Up until now, only experts – Company employees or contractors making independent assessments – were involved in calculating damages. This ensured that the calculations were of high quality, but there were always certain limitations when it came to the speed and cost of making these calculations.

After conducting large-scale and detailed testing, carried out on hundreds cases, the Company decided to begin using an AI service provided by Mains Lab to calculate damages in its commercial operations. The technology is based on computer vision: which parts of the vehicle have suffered damage and the degree of damage are determined; hidden damages and the need to remove or install additional parts for repairs are predicted; catalogue numbers are updated; the vehicle identification number (VIN) is identified; odometer readings and information from registration documents are discerned; the amount of necessary repairs is determined; and a calculation is prepared. The incorporation of this technology will further improve the level of customer service by speeding up the claims process and improving operating efficiency.

“Innovative solutions will have a significant impact on business in the current climate. At the same time, we are changing the essence of the customer experience, as we are reducing the amount time customers have to wait for payment or for their car to be repaired”, says Vladimir Tarasov, Vice President of Renaissance Insurance.

Sergey Khudyakov, one of the co-founders of Mains Lab, said: “Our colleagues from Renaissance Insurance have very stringent requirements when it comes to the quality of the claims process. As our solution was being tested over several months, we got constant feedback from our colleagues, which enabled us to quickly refine the technology for use by the insurance company. I am confident that, if a car owner has an accident, our joint product will make their life a little bit easier.”

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The second draft amendments to Regulation 28 will allow retirement funds to allocate up to 45% of their assets to SA infrastructure, with a further 10% for rest of Africa; but the equity & offshore caps remain unchanged. What are your thoughts on the proposal?

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