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AI, Data Annotation, and the Insurance Industry
Computer vision-based AI models are in the process of revolutionizing every part in the world economy. The technology is expected to automate a range of services and processes which will lead to significant cost savings and time savings. Insurance is among the sectors that can best benefit from machine vision. Automated systems can transform the way claims and assets are analyzed. But, like all instances of computer vision the performance for insurance AI projects will depend on the availability of excellent video and training images. The companies that create and edit training data on their own will face an overwhelming task. Many industry leaders are opting to outsource annotation to skilled service providers such as Labelify.
This blog will explore the exciting potential of AI in the insurance industry. It will also demonstrate how data annotation can aid the development of AI in the future.
Automated assessments
Assessments of insurance as well as assessments of asset value and insurance claims, need an enormous period of effort and experience to be performed by human beings. The manual process of assessing the value of a property will require the human being to go to the location and examine the property’s entirety. AI can partly automate and significantly speed up the process. Some of the specific applications for this technology are:
Utilizing satellite imagery to evaluate the property’s insurance coverage: AI models can use images to precisely calculate the total area of a property. They are also able to determine what materials the structure is made from, the closeness to water or trees as well as a myriad of other variables that affect the risk profile of the property.
Examining and processing insurance claims Computer vision systems are able to look at images of such things as the aftermath of a car crash and swiftly create damage estimates. The instant processing of claims will significantly streamline the work of insurance companies with large scales and reduce the risk of errors.
Powered by annotation
To allow this technology to be fully utilized to the potential of insurance, AI developers must provide their machine learning algorithms with reliable and diverse information. The systems will need to recognize and analyze various scenarios and objects in infinitely complex real-world environments. Making training datasets that are reflective of this level of complexity could be overwhelming for many businesses leading researchers, which causes them to forget about their primary objectives. Using professional annotation services may provide several advantages for insurance AI innovators:
Creation and collection of data To build reliable operating AI systems, companies require access to a variety of data. However, the appropriate data is often difficult to locate in open source archives , or through web scraping. Professional annotation services can access the most advanced data harvesting tools available and even develop custom datasets using in-house studios.
Annotation tools: The accuracy of the annotation of images is crucial to the efficiency of models at the end. The outsourcing of these services gives companies access to an annotation platform that is proprietary. These tools make sure that various annotation techniques are implemented precisely. Project management systems built into the software will also make sure that the labeling process is done effectively.
Managed teams Professional annotation companies, such as Labelify use their teams of annotation experts to guarantee high-quality datasets. Annotation tasks can be managed by skilled managers, removing the burden of AI firms. Teams of operators that are centrally located are also able to react rapidly to changes in data requirements and to troubleshooting.
Services for annotation of Insurance AI
Labelify is a leading supplier of high-quality annotation services. Through the combination of cutting-edge technology with an expert team of annotation specialists, Labelify can provide training data that improves AI projects. Contact one of our team members to arrange a personal demonstration now.
