This interview is part of our new AI in Insurance series, where we interview the world's top thought leaders on the front lines of the intersections between AI and insurance.
In this interview, we speak with Jas Maggu, CEO and founder of Galaxy.AI, to understand how her company is using AI to transform insurance, and what the future of the insurance industry holds.
1. What’s the story behind Galaxy.AI? Why and how did you begin?
JM: Six years ago I had a minor accident of my car, needless to say it was not a pleasant experience. I had to take my car to a drive-in inspection center, contest a false claim made by the other party and then finally get my car repaired. The whole ordeal took three weeks.
This experience made me realize just how difficult and disjointed the current auto-insurance process is for a typical claimant. Two years ago, when our team came together for applying AI in the industry for image analysis, we were approached by a large national insurance carrier to address their pain point of automated damage detection from damage vehicle images to make claims processing more efficient.
Based on how a damage on a vehicle looks, every expert makes their own judgement on the extent of damage and the types of damage due to a particular incident. Artificial intelligence is now so advanced that just with images of the damaged vehicle taken by the end-user, the type of damage visible, and the extent of damage can be automatically detected and classified.
We started working with one national US insurance carrier two years ago and now we are working with several insurance carriers across the globe. Galaxy.AI’s mission is to make the auto-insurance claim filing process, which is a stressful experience for the end-user, extremely easy and convenient without the need for an in-person inspection of the vehicle by an expert or the claim appraiser.
2. Please describe your use case and how Galaxy.AI uses artificial intelligence:
JM: In three easy steps, our AI-based smart-FNOL and claim estimation solution allows insured end users to file a claim for their damaged vehicle to their auto insurance carrier and receive an instant claim estimate for their vehicle.
First, the end users are guided in real time on how to take good quality photos of their damaged vehicle using our AI-enabled mobile app or website. Our algorithms detect the quality of an image and take into account various factors like lighting, clarity, glare, etc. in real-time as the user is moving their cellphone while taking images. These photos taken by the end user are then instantly processed by our vehicle parts and damage detection algorithms to determine which external vehicle parts are damaged and the overall severity of the total accident.
When the end users are ready to submit their claim, our AI-powered claim estimation tool utilizes parts pricing databases to determine an estimate for the submitted claim. This final step is accomplished within seconds of the end user hitting the submit button. Finally, the user is given the option of receiving a check and/or scheduling a repair with an auto body shop.
3. Could you share a specific customer/user that benefits from what you offer? What has Galaxy.AI done for them?
JM: A top-five auto insurance carrier deployed our AI solution integrated with their mobile app and performed a survey on the overall user experience. 90 percent of the end users that were surveyed found the app easy to use and the majority of them fully trusted the output given to them by our AI solution.
In addition, through our solution, insurance carriers are able to reduce more than 70 percent of their claim estimation expenses and reduce the overall time taken for final claim estimation to five-to-ten minutes down from thirty minutes to an hour.