Custom Auto and Motor Insurance Software

• Real-time capture of multi-format auto insurance applications from an insurance portal, email, messaging apps, etc.
• Automated conversion of paper auto insurance applications to the digital format using intelligent optical character recognition (OCR).
• AI-based validation of customer data (billing address, driver’s license number, vehicle information, etc.) provided in insurance applications against the data available in third-party sources.
• Alerts on missed, mismatched, and inaccurate data.
• Automated KYC/AML verification for new customers.

• User-defined auto insurance terms:
  • Coverage amount thresholds.
  • Loss types covered (auto damage in an accident, car theft and vandalism, etc.).
  • Custom mileage plans and deductible options.
  • Stated value or agreed value total loss settlement.
  • Claim payment schemes.
• AI-based recommendations on the optimal coverage terms for particular customer segments and insurance objects (e.g., higher coverage limits for luxury cars).

• LLM-supported generation of underwriting files.
• Statistical and AI-supported analysis of customer data, including:
  • Past insurance coverage.
  • Driving behavior.
  • Claims history.
  • Bank statements.
  • Health statements.
  • Web sentiment.
• Rule-based and AI-powered customer risk scoring.
• Auto evaluation and risk estimation based on the analysis of a vehicle’s market price, utilization history, as-is state, and liquidity.
• Risk-based customer segmentation.
• User-defined rules for automated insurance application approval and policy issuance for low-risk customers.

• AI-powered suggestions on the optimal personalized auto insurance prices based on the analysis of:
  • Vehicle type and yearly mileage.
  • Driver age, experience, and health risks.
  • Insurance product profitability.
  • Price elasticity, and more.
• Automated calculation of auto insurance premiums based on:
  • AI-based profitability recommendations.
  • User-defined pricing rules (e.g., keeping prices or profit levels within specified thresholds).
• AIoT-enabled dynamic insurance repricing.

• Calculating due payments under the chosen auto insurance pricing model.
• Automated generation of multi-currency and multi-language customer invoices.
• Signing invoices using a digital signature.
• Automated premium payment processing via the connected payment gateways.
• Support of multiple payment methods: bank transfers, credit cards, checks, etc.
• Invoice tracking by status: sent, paid, due, etc.

• Customizable templates for auto insurance policies.
• Automated policy creation and submission to customers.
• Rule-based policy renewal, cancellation, and updating with new customer data and insurance terms.
• Instant communication of policy updates to policyholders.
• Centralized storage of insurance policies.
• (for blockchain-based auto insurance claims software) Coding the agreed policy terms in smart contracts to automate claim settlement.

• Automated capture and processing of FNOLs and multi-format claim-supporting documents:
  • Pictures and videos of damaged vehicles and injuries.
  • Police reports.
  • Medical reports.
  • Handwritten testimonies from accident witnesses, and more.
• AI-supported loss evaluation based on the damage inspection inputs:
  • Damage descriptions provided by policyholders.
  • Damage assessor reports.
  • Data from computer vision cameras set on autonomous robo-inspectors (e.g., drones).
  • IoT big data from vehicle tracking devices.
• Automated claim verification against the policy coverage terms.
• AI-based detection of fraudulent claims.
• User-defined rules for claim approval or rejection.
• Rule-based routing of claims that contain incomplete or contradictory data for manual check.
• Instantly communicating claim-related decisions to policyholders.

• Claim triaging based on urgency, damage extent, injury severity, etc.
• Calculating due compensation amounts for various types of losses, including:
  • Vehicle damage.
  • Personal injury and mental distress.
  • Causing auto damage and injuries to other parties.
  • Lost wages and reduced earning capacity (for commercial vehicles).
• Automated payment of approved claims:
  • Reimbursement payments to policyholders.
  • Direct payments to damage handling service providers.
  • Loss compensation to third parties.
• Suggestions on the best-fitting vehicle repair service and healthcare providers to handle losses (based on provider location, service scope, and prices).
• Document sharing with service suppliers and monitoring damage handling progress via a connected supplier portal.

• Real-time AIoT-based monitoring and analysis of vehicle state and location, driver behavior and health state, traffic and weather conditions.
• AI-powered prescriptions on the proper driver actions to prevent loss events, for example:
  • Reduce driving speed.
  • Take a safer route.
  • Make a stop to have some rest.
  • Fix the cargo shipping conditions.
• Textual and voice notifications to drivers about loss prevention measures.

• Automated calculation and tracking of auto insurance metrics: sales, claim settlement, financial performance, workforce productivity, etc.
• Customizable dashboards for various auto insurance teams: agents, underwriters, loss adjusters, analysts, and more.
• Automated generation of auto insurance reports.
• Scheduled and ad hoc report submission to senior management and regulators.
• Forecasting auto insurance demand, gross and net premiums written, claim expenses, and more.

• Customer self-registration, managing personal and business information.
• Template-based creation of auto insurance applications.
• Paying premiums by a preferred payment method.
• Filing and submitting claims.
• Notifications to policyholders about the application and claim status changes, expiring documents, etc.
• AI-based virtual assistants to help customers solve any arising issues.

Optional:

• A self-service auto insurance price calculator.
• Damage self-inspection and description using augmented reality models.

• Compliance with KYC/AML requirements, FIO, NAIC, NICB standards, IFRS17, CCPA, CPRA, SOC1 and SOC2, NYDFS (for New York), MCEV principles and GDPR (for the EU), IA and SAMA requirements (for the KSA), other relevant global and local sectoral regulations.
• Real-time compliance monitoring.
• End-to-end audit trail of auto insurance activities.
• Role-based access control.
• Multi-factor authentication.
• Auto insurance data encryption.
• (optional) Auto insurance data hashing, timestamping, and recording in the immutable blockchain ledger.