Madrid-based entrepreneurial ecosystem The CUBE has launched Perif.ai, its eleventh startup in five years. It is a tool specifically designed for the insurance and auto industry that automates vehicle damage recognition and assessment processes by capturing images along with AI technology.
The project is aimed at both the insurance sector and the automotive sector, and aims to reduce costs and time spent in checking and evaluating vehicles, to serve as a tool that improves the work of insurers, fleet managers and stakeholders in these sectors. It is designed.
The technology behind the solution
This tool uses two technologies to run it: artificial intelligence and deep learning based on machine learning. Thanks to artificial intelligence, the solution manages, from the analysis of the vehicle’s photographs, to generate a digital file with the specified damages, without the need for human operator intervention. The combination of these two technologies allows for a continuous verification and evaluation tool that minimizes errors and reduces the possibility of fraud to 0% to guarantee the condition of the vehicle during its useful life.
From these technologies arise the solutions that make up Perif.ai; Verif.ai and Perif.ai, which are the product of a project developed over three years by a technical team specialized in Artificial Intelligence and Deep Learning with the support and advice of TheCUBE Radical Innovation. Each of these solutions is designed to fully meet customer demands, as is the case with Perif.ai, which seeks to digitize vehicle assessment processes or focus on a specific need such as an insurance contract or vehicle condition control. vehicle with Verif.ai.
“After a lot of work to validate the concept, there are already more than 400 workshops documenting Perif.ai solutions, more than 25,000 photographs analyzed and more than 1,000 expert reports executed, reaching more than 92% accuracy in each analysis. Today, thanks to this project, files can be completed in less than two minutes, which increases the efficiency of specialized offices that need this type of technology to digitize the most important sectors”, highlights Julio Rodriguez, CEO of Perif.ai. .