After establishing itself successfully in the Oil & Gas industry with a niche product suite focused at data collection, transportation, analytics and operational intelligence solution for streaming data, SigmaStream is working at rolling out its solutions to the P&C Insurance industry.
Handling of streaming data is at the core of product design at SigmaStream. The capabilities include processing high frequency data both discrete as well as continuously streaming, while ensuring security and interoperability. By extending this to Telematics and bringing in image and video analytics along with automation, SigmaStream’s end-to-end solutions for Home and Auto insurance processes will change the landscape.
The damage assessment service could be a totally automated solution. Use of drones for inspection of damage by capturing still images and/or video footage is the starting point. The data is streamed and aggregated using SigmaStream’s streaming platform, thus, making it a real-time exercise even for remote locations. The use of Artificial Intelligence (AI) and Deep Learning in our GPU based image and video analytics framework boosts accuracy, speed and objectivity of the entire decision making process. This also greatly enhances scalability in terms of sheer numbers of claims spread across geographies that could be processed. Faster automated decisions and remote execution makes it highly cost effective along with added benefits of total objectivity in assessment by eliminating human bias, susceptibility and errors. Quicker damage assessment leading to claim settlements results in increased customer satisfaction.
Claims processing is a human-centric activity involving agents, adjustors and their inputs. Use of SigmaStream’s conversational chatbot technology for claims processing is another way of improving user experience while bringing in all the benefits of automation.