{"id":65436,"date":"2021-04-01T14:08:00","date_gmt":"2021-04-01T18:08:00","guid":{"rendered":"https:\/\/staging.majesco.com\/?p=65436"},"modified":"2022-11-20T21:37:53","modified_gmt":"2022-11-21T02:37:53","slug":"using-ai-to-take-action-on-survey-data-in-real-time","status":"publish","type":"post","link":"https:\/\/staging.majesco.com\/?p=65436","title":{"rendered":"Using AI to Take Action on Survey Data in Real-Time"},"content":{"rendered":"\n

Insurance has always been a data-driven business. However, in recent years, insurers have seen the volume, variety and velocity of unstructured data sources increase exponentially, especially in loss control.<\/p>\n\n\n\n

For example, a few years ago loss control surveys mainly consisted of questionnaires and checklists.  Today, smart devices are allowing people to supplement surveys by attaching photos, videos, images of labels, voice memos and more. Along with the addition of smart devices, the adoption of self-surveys<\/strong> and video-guided surveys<\/strong> due to COVID-19 has allowed carriers and loss control vendor companies to capture even more information from policyholders, agents and brokers.<\/p>\n\n\n\n

While these digital technologies enabled carriers to gather more survey data, they also required underwriters to manually review this information in order to take action.<\/p>\n\n\n\n

A recent study conducted by Majesco found that our AI technology reduced the time it takes to review external data sources from policyholders, agents and brokers by 50%<\/p>\n\n\n\n

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Using AI to Take Action from Survey Data<\/h2>\n\n\n\n

Advanced AI and machine learning<\/strong> are allowing carriers and vendors to analyze data right at the source and take immediate action. By identifying hazards and providing recommendations as data is collected, carriers and vendors can now create more value by proactively addressing issues and providing recommendations in real-time<\/strong>.<\/p>\n\n\n\n

Below we\u2019ve highlighted three new tools Majesco has released that utilize AI and machine learning to help carriers and vendors to take action from survey data:<\/p>\n\n\n\n

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Real-Time Video Stream Analysis<\/h2>\n\n\n\n
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Carriers and vendors using Majesco\u2019s self-survey module<\/strong> or Guide Stream 360<\/strong> (video-guided surveys) can utilize our machine learning technologies to automatically label, hazard score and upload images into our survey management platform<\/strong><\/a>. Using our state-of-the-art computer vision systems, we have begun to leverage our database of over 200 million photos <\/u><\/em><\/strong>to train our machine learning platform to automatically label video segments in real-time. Our AI can identify and automatically label, hazard score and generate recommendations from videos of commercial and residential properties for items such as:<\/p>\n\n\n\n

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