Putting AI to Work Without Putting Humans Out of Work
Auto Finance
Jun 07, 2023, 15:48 ET
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There is a lot of talk about how new AI technologies are going to be taking away jobs from hard working humans. That’s not been our experience. While it may come to that one day, right now the best use of AI is putting it into the hands of a professional workforce that needs to work more efficiently and affordably.
That’s exactly what we did when we formed a new strategic partnership with PAVE, a company that leverages its award-winning inspection platform to deliver intelligent vehicle inspections from photos alone.
The company is reimagining how the world inspects vehicles. Powered by Intelligent Damage Detection capabilities, the tool enables anyone with a smartphone to complete a guided vehicle inspection by simply taking photos of their vehicle. PAVE provides detailed and graded condition reports, highlighting damages and anticipated costs for repair, in just a few minutes.
But someone has to take the picture.
Not an either/or situation
In just about every industry, AI is coming online to assist humans in their work, not replace them. Even in traditional manufacturing, where we have had robots on the assembly line for decades, we’re seeing more AI for human assistance, often called co-bots.
There are certainly some use cases in which it would be good to get humans out of the equation and in some cases (defusing or removing explosive devices, searching for victims in fallen buildings) we’re already seeing that happen. But in most businesses, the old rule stands firm: people want to do business with people.
This means that there will always be a human in the process somewhere.
In our case, we’re all about Risk Resolution Outsourcing and quite often that means putting boots on the ground and knocking on people’s doors. No credit provider can help a consumer that won’t make contact. So our teams are deployed to make contact easier and help both consumers and credit providers work together.
Increasingly, we’re finding that the right technology is making our job easier to do. We’re seeing it in the real estate industry where our teams use sophisticated photographic technologies to generate affordable 3D home scans and accurate floor plans.
And now, with our new partnership with PAVE, we’re taking it to the auto industry.
Evaluating risk with AI
In auto lending, the vehicle is the collateral. If the borrower gets into trouble, it’s the value of that vehicle that can get the consumer out of trouble and make the lender whole. But the vehicle has to be in good condition and that’s something that the lender can’t take for granted.
PAVE’s automated vehicle inspection platform has already won three awards this year, taking the 2023 Big Innovation Award from the Business Intelligence Group, as well as two Merit Awards in the automotive and transportation categories.
Now, combined with NCCI’s customized, client centered and compliance focused outreach solutions, PAVE’s technology can serve auto lenders nationwide.
To find out more about getting the benefit of PAVE’s technology delivered anywhere through the power of NCCI’s professional outreach solutions, reach out to us today.
