[Photo provided by Korea Insurance Development Institute]
Insurance coverage to repair cars damaged by accidents will become faster in Korea as insurers will get help from artificial intelligence to work out cost from the second half.
The Korea Insurance Development Institute (KIDI) said Monday it started the first-phase development project of AI-based cost calculation system dubbed “Automobile repair cost On-line Service-α (AOS-α),” which can work out the cost immediately from the analysis of images from the accident scenes.
The institute has been working on the computer program since September last year and achieved the matching rate of 81 percent for the real damage cost from reading the images. The AOS-α system also is able to recognize the number plate to connect with related insurance data, reducing the time spent by insurers in proceeding with the service. It usually takes months for insurers to examine the car of the scene and calculate the cost.
Insurers are planning to begin test operations in the second half of this year. Big data compiled during test operations would help it advance the system more accurately, the KIDI added.
By Kim Gang-rae and Lee Ha-yeon
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