Ant Financial, the financial services arm of Alibaba, has unveiled an AI system that can calculate insurance damage claims in as little as half a second. The company is planning to refine the system's capabilities by offering it for free to Chinese insurers, helping them reduce costs and better serve small businesses.
A subsidiary of Chinese giant Alibaba Group on Tuesday unveiled an artificial intelligence photo-estimating system and demonstrated its ability to calculate a claim in as little as half a second, Alibaba news service Alizila said. Alizila estimated that “exterior damage claims” accounted for 60 percent of the 45 million annual private passenger vehicle claims in China. Outsourcing these to Ant Financial’s computer system would create greater efficiency and objectivity, Alizila wrote. “The AI system is also aimed at making assessment of external vehicle damage more-standardized and objective, reducing the potential for human claims adjusters on the scene to be influenced by the parties involved in the accident,” Aizila wrote. (In America, it’s also been argued that photo estimating reduces the potential for steering.)