Press Release
BUFFALO, NY, March 25, 2021
Utilant, an InsurTech leader providing the industry’s best-in-class Survey Management SaaS Product Suite for Loss Control and Premium Audit surveys, has released new AI capabilities for taking action on survey data within the Loss Control 360 (LC360) platform.
Real-Time Photo and Video Analysis
Carriers and vendors using Utilant’s self-survey module or Guide Stream 360 (video-guided surveys) can utilize machine learning technologies to automatically label, hazard score and upload images into Loss Control 360.
Using state-of-the-art computer vision systems, Utilant has begun to leverage a growing database of over 200 million photos to train its machine learning platform to automatically label photos and video in real-time. Some of the items AI can identify and automatically label, hazard score, and generate recommendations on from videos of commercial and residential properties include:
- Sprinklers
- Fire Extinguishers
- Ventilation Hoods
- Hot Water Boilers
- Electrical Panels
- A/C Compressors
- Heating Systems
- Commercial Stoves
- Pools
- Water Supply Lines
- Roof Condition
Real-Time AI Hazard Detections
After a photo has been labeled, Utilant’s Risk Alerts will analyze the photo further to identify any potential hazards in real-time. This feature improves the accuracy of surveys and acts as a “second set of eyes” to ensure critical hazards, such as missing sprinklers and railings, non-braided hoses, Federal Pacific “Stab Lok” panels, trip and fall hazards, and other issues aren’t being overlooked.
Real-Time Text Extraction to Identify Equipment Recalls
Using optical character recognition, Utilant’s AI can also extract text from inspection tags on fire extinguishing systems, nameplates on appliances, maintenance records, etc., from videos and photos. This information can then be cross-referenced to recall and equipment list databases to identify any recalls or potential issues in real-time.
AI Impact on Loss Control Workflow
Market shifts toward desktop reviews, self-surveys, and third-party data sources have increased the volume, variety, and velocity at which data is accumulated. Equipping non-experts with survey collection tools allow more risks to be reviewed. These external data sources are a rich source for AI-driven data mining that otherwise would have been humanly impossible or cost-prohibitive to collect or review in a timely manner. AI enables data analysis for quality and accuracy, taking the increased burden of data validation off of subject matter experts.
Making Loss control personnel more efficient and reducing losses is the ultimate goal of the LC360 SaaS platform. LC360’s AI creates a standardization and uniformity of collected data from disparate sources by tagging and labeling photos with the same standards as an onsite loss control person. Applying AI to the data gathered through virtual tools is the safeguard that allows potential problems to be identified and flagged for subject matter experts to follow up on.
In a recent study conducted by Utilant, Loss Control 360‘s AI technology reduced the time it takes to review external data sources from policyholders, agents, and brokers by 50%.
Loss Control personnel can now spend less time identifying and tagging items such as appliances and aging or recalled equipment while allowing the system to leverage their subject matter expertise as the criteria used for risk and hazard evaluation.
“Advanced AI and machine learning are allowing carriers and vendors to analyze data right at the source and take immediate action,’’ said Pat Davis, CEO at Utilant. “By identifying hazards and providing recommendations as data is collected, carriers and vendors can now create more value by proactively addressing issues and providing recommendations in real-time.’’
Read the release: https://www.prweb.com/releases/loss_control_360_adds_new_ai_capabilities_to_saas_platform/prweb17819256.htm
About Utilant and Loss Control 360
Utilant is an InsurTech leader providing the industry’s best-in-class Survey Management SaaS Product Suite for Loss Control and Premium Audit surveys. Utilant’s Loss Control 360 platform drives predictive risk insights with intelligent loss control solutions for Property & Casualty Insurance Carriers and Top Risk Engineering Companies. The Loss Control 360 platform leverages the world’s largest repository of survey data, coupled with a suite of work-flow tools designed to inform smarter underwriting decisions. A typical implementation provides positive ROI within the first year. For more information visit www.losscontrol360.com.