The global business landscape is getting remodeled with Artificial Intelligence, and we can already experience newer processes and systems in almost every business sector. There are, however, a few industries that have not yet experienced the full transformative benefits of A.I. at scale, like the U.S. property insurance industry. With projections and estimations of a size greater than a trillion dollars, the property insurance industry is huge but also heavily reliant on human processes.
Processes within the property insurance industry, like underwriting, renewals, claims, and more, are dependent on manual work, which comes with a considerable toll of human error, increased costs, time delays, and other challenges. Most of these processes involve manual site visits, which directly add millions of dollars in expenses to the sector.
Artificial Intelligence and innovative software solutions are solving this challenge by replacing traditional systems with automated processes, but before understanding the changes brought in by A.I., we must understand the conventional ways of working.
The Traditional Way of Manual Site Visits that Run The U.S. Property Insurance Industry
Manual site visits are not a one-time affair for a property but are part of the growing nature of the complete property lifecycle. After a property is built, the building incurs damages, gets sold, insured, mortgaged, and/or repaired among other activities. Almost each of these activities involves a visit by professionals from the insurance companies who assess the property and create assessment reports about the property.
These site visits primarily involve and are not limited to professionals creating cost estimates of the materials used, labor, estimation of involved risks, damages, and other activities. The complete process is time-consuming from capturing property measurements, drawing floor plans, writing estimates, and more. Naturally, this process can involve human error.
A.I. Powered Technology and Efforts of Engineer Sathish Kumar Changing Traditional Systems
The challenges linked to traditional systems are now becoming a thing of the past with A.I.-powered technologies from the contributions by Engineer Sathish Kumar Katakuri and the Hosta.ai team. Sathish (Senior Computer Vision Engineer at MIT startup, Hosta a.i.) has helped build proprietary technologies for Hosta a.i. that can help anyone create sophisticated building plans, documents, and estimates just from simple photos.
This means that a layman can actually perform relevant tasks that were previously possible only through a professional, without using any special equipment, mobile application, or special training. Also, these are not just regular reports; users can easily obtain detailed floor plans, measurements, quantities of materials used, 3D models, and other detailed property information.
Basically, a simple picture from a smartphone replaces hours, days, and sometimes weeks’ worth of manual work and waiting, accounting for around 80% of reductions compared to traditional manual procedures. Not just that, the process also results in 80% faster turnaround times.
Use Cases and Other Linked Benefits
There are numerous use cases of the technologies developed by Sathish and the Hosta a.i team. These technologies are already helping home improvement companies create quick, accurate, and detailed estimates. They are helping insurers automate assessments. The Hosta a.i. solution makes it seamless to create property assessments that are used for mortgages and lending, as well as other built environment use cases.
The faster turnaround times, lower costs, seamless processing, and reduced errors help home buyers, contractors, insurers, realtors, and everyone linked to the property insurance industry.
History of Sathish Kumar and his Contributions to Hosta.ai’s software
Sathish has led the research and development of software technologies for interior property assessments at Hosta a.i. His R&D efforts have directly helped to create automation in the software. His contributions have led to gigantic transformations in the U.S. property insurance industry.
He graduated from Arizona State University (ASU) with a Masters in Computer Engineering, focusing on Computer Vision and Machine Learning. During his time at the university, Sathish had interests in A.I. and visual computing, where he had built an A.I. based photography solution. This solution made it possible for anyone to create professional photographs without professional experience.
Not just that, he also helped researchers validate their work by building a V.R. headset for them. The DIY low-cost VR headset worked by assisting the user in simulated environments.
The Road Ahead for the U.S. Property Insurance Industry
Hosta a.i.and Sathish Kumar are further working on enhancing the software capabilities for even smoother and more advanced assessments. The coming years would be marked by the widespread adoption of technologies like that offered by Hosta a.i., and systems in the property insurance industry in the U.S. and globally would change.
The increased cost savings and efficient processes are sure to bring new opportunities for people all over the world.
