October 25, 2016 | Written by: Suresh Jasrasaria
Categorized: Community | Internet of Things | Watson
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The concept of “outthink” is sweeping through numerous industries as companies and individuals uncover new ways to transform their businesses using social, mobile, cloud, Internet of Things (IoT) and cognitive technologies.
To make this strategy a success, outthink must come alive to fuel innovation. This new approach to technology must be thoughtfully applied to a company’s daily processes, enabling real transformation and driving unprecedented value with the goal of vastly improving customer experiences and lives.
This is an example of a simple IBM cloud platform based application. It is designed to help insurance claims adjusters assess hail damage following a storm for a faster, safer and more accurate claims processing at lower cost.
For example, weather-related damages have been in the news recently. In the aftermath of a natural disaster, service demands for insurance providers peak, which can become overwhelming as consumers and businesses seek help and support.
To better manage these spikes in demand, some insurance companies are experimenting with drones and other unmanned aerial vehicles (UAVs) for risk prevention and damage assessment after a storm. These programs are expected to save time and money for the business by streamlining claims processing while improving their ability to respond quickly to customer needs.
However, to date, the return on investment (ROI) of these initiatives has not panned out. The time and cost savings of using drones have been overshadowed by the investment it takes to deploy drones and train agents to pilot them. The expected ROI of drones can be realized faster if they are accompanied with a digital transformation of the entire claims processing processes.
Thinking outside the box, insurance industry service providers may build applications on the IBM cloud platform to help accelerate this transformation. With services like IBM Watson Visual Recognition, IBM Watson IoT, Watson Analytics and IBM Cloud Object Storage, drone applications hosted on the IBM Cloud platform can not only help reduce risk but also improve the speed and accuracy of loss assessment. These improvements help boost efficiency in end-to-end claims processing and improve the lives of citizens impacted by a disaster.
With such cloud-hosted applications, insurers can quickly deploy video-equipped drones to assess damage. Video images from the site are uploaded to IBM Cloud Object Storage and dispersed in multiple regions for protection and availability. These images can be processed quickly by powerful, bare metal servers in IBM Cloud, helping insurers promptly assess the most affected areas and respond to a high volume of requests in a timely manner.
With innovative platform-as-a-service (PaaS) solutions that help empower recovery through safety, accuracy and efficiency, insurance providers can accelerate ROI and make “outthink the status quo” more than a slogan. It’s a philosophy that empowers them to reimagine their processes and boost their effectiveness in helping their customers recover after a storm or other natural disaster.
IBM will demonstrate a prototype of one such PaaS application at World of Watson in Las Vegas this week. See for yourself at World of Watson.
Learn more about IBM Cloud Object Storage.