Moderate Automobile Accident Claim Process Automation Using Machine Learning

Abstract

In modern-day, traditional automobile accident claim process struggles to keep up with the recurring automobile accidents and furthermore, the claim itself is a critical point in which the policyholder may decide to switch to a different automobile insurance provider. In this paper, the authors present a system which can be used to automate the processing of claims for automobiles which were involved in less severe accidents in a much quicker manner. The presented system comprises of four components, each with a model developed using computer vision or machine learning techniques to facilitate the automation process. The models are built and fine-tuned using transfer learning and ensemble learning techniques in order to determine the damaged component of the automobile, determine the make and model of the automobile, compute an accurate repair estimate and also compute the likeliness of the policyholder may churn, to ensure that the policyholder is satisfied with the appraised amount and will be retained by the insurance provider.