—Artificial intelligence produces a detailed estimate from just a few photos to combat rising trends in claims frequency and severity—
BOSTON–(BUSINESS WIRE)–Hosta AI, the most advanced solution for automated property assessments available in the insurance industry, today unveils innovative image-to-estimate technology. In an environment where insurance carriers are faced with increasing volume of claims caused by the continued rise in non-catastrophic and catastrophic weather events, and climate change, the industry must find ways to scale operations, and create efficiencies to successfully meet consumer expectations, Hosta AI has answered this call.
The company’s patented artificial intelligence was built on MIT research and has more than a decade of property damage assessment experience creating the ability to produce highly accurate and detailed estimates from just a few photos. With this advanced technology, Hosta AI eliminates the need for a claims adjuster to visit a low severity loss site to capture detailed insight that previously took days to produce an estimate due to capacity and scheduling constraints. Onsite visits to inspect the damage, collect detailed measurements, itemize the materials, document the damage, and create a sketch and line items in the estimation platforms are traditionally laborious and costly. Technology developed by Hosta AI brings significant operational efficiencies to the inspection and estimating process and empowers insurance companies and third-party claims adjusting firms to manage a greater volume of low severity claims at a much lower cost.
When a carrier implements Hosta AI’s patented automated property assessment solution, the policyholder receives a link to their mobile device or email to start the process of capturing 6 images of the damaged room, which usually takes less than one minute. The experience is frictionless and does not require any app to download or login credentials yet is compliant with all carrier information security regulations. The technology creates the estimate of a low severity damage and provides sketches, images, and line items in the estimation platforms of your choice and a damage report. The outputs are automatically shared through an integration with widely used estimating software or Hosta’s API.
“Hosta AI is dedicated to streamlining claims processing and creating a better experience for everyone involved, from the policyholder to the provider,” said Ken Tolson, President of Networking Solutions, Crawford & Company. “Our adjusters can now easily and conveniently expedite claim resolutions using Hosta’s AI-powered automated estimates.”
The image-to-estimate technology allows the insurance company to streamline the claims process, which helps speed up approval, reduce fraudulent claims, and achieve faster settlements that satisfy both the insured and the carrier.
“We have unlocked the power of artificial intelligence with just a few images of the loss,” said Henriette Fleischmann, CEO of Hosta AI. “Our patented image-to-estimate technology uses artificial intelligence to streamline the claim process, so the insured individual and the insurance adjuster can come to an agreement about a claim more quickly with greater satisfaction for everyone.”
About Hosta AI
Hosta AI is on a mission to lead the transition to virtual property assessment using cutting edge artificial intelligence technology to solve long standing industry challenges, such as the rise in claims frequency and associated costs paired with a shortage in labor. Hosta AI helps companies that need fast and accurate data to process and settle claims effectively while improving customer satisfaction. The company’s Assessment Platform uses patented AI, spatial and material analysis to automate property assessments from just a few simple photos; no app download required. To learn more, visit www.hosta.ai.
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