A new industry-first innovation, based on image estimation from Hosta AI, reduces risk and increases accuracy

A new industry-first innovation, based on image estimation from Hosta AI, reduces risk and increases accuracy

The AI ​​produces a detailed estimate from just a few images to combat increasing trends in claims frequency and severity

Hosta AI, the most advanced automated property valuation solution available in the insurance industry, unveils innovative image estimation technology. In an environment where insurers face an increasing volume of claims caused by the continuing rise in catastrophic and non-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 the call.

The company’s patented AI is built on MIT research and has over a decade of experience assessing property damage creating the ability to produce highly accurate and detailed estimates from just a few images. Using this advanced technology, Hosta AI eliminates the need for a claims adjuster to visit a low-risk loss site to obtain detailed insights that would previously take days to produce an estimate due to capacity and scheduling constraints. Field visits to inspect damage, collect detailed measurements, classify materials, document damage, and create diagram and line items in estimating platforms are traditionally tedious and expensive. The technology developed by Hosta AI brings significant operational efficiencies to the screening and estimating process and enables insurers and third-party claims adjusters to manage a higher volume of low-risk claims at a much lower cost.

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When a carrier implements Hosta AI’s patented automated property valuation solution, the policyholder receives a link to their mobile device or email to begin the process of taking 6 photos of the affected room, which typically takes less than 1 minute. The experience is seamless and requires no app download or login credentials but is compliant with all carrier information security regulations. The technology creates a low-risk damage estimate and provides diagrams, photos, line items in your chosen estimating platforms, and a damage report. Output is shared automatically through integration with widely used estimating software or the Hosta API.
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“Hosta AI is dedicated to simplifying claims processing and creating a better experience for everyone involved, from policyholder to provider,” said Ken Tolson, president of network solutions at Crawford & Company. “Our adjusters can now easily and conveniently speed up claims decisions using Hosta’s automated, AI-powered estimates.”

Image technology allows the insurer to streamline the claims process, helping to speed approval, reduce fraudulent claims, and achieve faster settlements that satisfy both the insured and the carrier.

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“We’ve unleashed the power of AI with just a few images of loss,” said Henriette Fleischmann, CEO of Hosta AI. “Our patented image estimation technology uses artificial intelligence to streamline the claim process, so that the individual insured and the insurance adjuster can reach an agreement on the claim more quickly and with greater satisfaction for all.”

(To share your thoughts with us, please write to sghosh@martechseries.com)

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