Artificial Intelligence is Transforming the Car Rental Industry (PDF)
The landscape of mobility is undergoing a monumental shift, revolutionizing how people navigate both their personal and professional lives. This transformation is also reshaping the role of automobiles in the future. As an integral component of future mobility, the car rental industry must adapt to secure a sustainable position as a mobility provider in the growing sharing economy.
Price stands as a paramount factor influencing customers’ choices when selecting their rental vehicles. One of the primary cost drivers in this equation is the involvement of internal staff or Third Party Administrators (TPAs). This becomes especially pertinent in situations involving manual processes such as inspecting for damages during the vehicle return process. Fortunately, technology offers a solution for cost reduction.
Innovative Solutions
Imagine having access to an AI-powered, user-friendly method for conducting these inspections directly through the customer’s smartphone. Is it even possible?
The answer is a resounding yes! Many companies are starting to offer a practical solution through apps. These apps handle pre and post-rental inspections by identifying and displaying any new damages or irregularities. Not only resulting in substantial cost savings, but it also significantly enhances the customer experience.
Gone are the days of conducting pre-inspections in chilly, windswept parking lots or while juggling a busy schedule, armed with a paper report listing existing dents and scratches for manual verification. These outdated practices are history, thanks to the emergence of artificial intelligence and its technological solutions.
With instant photo and video capture capabilities, customers can now conduct a guided pre/post assessment of the vehicle, with all damages instantly displayed in under two minutes. It’s as straightforward as snapping pictures for an Instagram post. No more need for the tedious “circle the car” ritual to inspect damages, and no more disputes over unjustified rental damages. Furthermore, customers have grown accustomed to video-based solutions due to the COVID-19 pandemic, where video conferencing has become a natural part of life.
To further enhance the customer experience, mileage and fuel gauge readings can be recorded through photos and automatically recognized. Satisfied customers are also more receptive to in-app or standalone promotions, fostering continued engagement.
In summary, this amalgamation of benefits presents a unique opportunity to streamline processes, improve quality, reduce internal and external costs, and simultaneously boost customer satisfaction—a true win-win situation.
The Revolution of Claims Processing
Technological advancements are poised to accelerate, with predictions of more progress in the coming decade than in the entire preceding century. Artificial Intelligence is a cornerstone of this revolution, and it is set to reshape the landscape of Vehicle Claims Management.
This transformation coincides with the departure of many traditional claims experts from the field, paving the way for AI to step in and not only bridge the resource gap but also reduce costs. In markets with higher salary caps, a single expertise can cost up to $284 on average. The message to the industry is crystal clear: “Prepare now and embrace AI-based claims tools to automate your claims process!”
If you’re into technology and how it mixes with the automotive market just like us, make sure to check our our articles.
