AiCare is revolutionizing claims in motor insurance.
The auto claims process has long been strenuous, time-consuming, and costly both for insurers and consumers. From the moment an incident occurs, the insured (driver) undergoes immense stress – the emotional tension resulting from the crash, the police documentation, hospitalization if necessary, and the driver now has to deal with several different parties to overhaul the destruction.
It usually takes between 1 to 3 days after filing a claim for the insurance adjuster’s report to initiate contact with an insurance adjuster and longer if the vehicle needs inspection. After that, getting the vehicle on the road again takes between 4-7 days, depending on the extent of the damage. All this is extremely costly to the driver.
Besides, there is suddenly an unexpected burden consuming time and money and requiring paperwork. But advancements in artificial intelligence and telematics such as our new AiCare telematics product can revolutionize the claims system by validating claims, processing them much faster and placing safety at the forefront for drivers.
The advent of Telematics is now revolutionizing the system by speeding up the claims process, placing safety and convenience as a priority for the insured and validating claims.
- Validating claims using Telematics
Historically, filing claims has been a manual process where the insured (driver) involved in an accident needs to file his claim documentation with the insurance company. A claims investigator reviews the claim and files his report – sometimes after taking additional time to inspect the claim vehicle/s involved in the accident. Then, the insurer scrutinizes the documentation and could call for elucidation before accepting to pay for the claim, partly or can reject the claim. At times, even courts need to step in to settle disputes and claims. We also have to take into consideration the shock that results from a car crash – a driver might not remember or realize immediately the need to take photos of the damages or call the insurance company to commence the claims process.
Telematics can help drivers alleviate this complicated and tedious process by providing precise, unbiased crash storylines. The data that telematics provides details important findings such as where the vehicle was hit, the intensity of a crash, the driver’s speed (before, during and after a collision), the weather/road conditions etc. When this information is partial or inaccurate, the process takes longer, and costs increase for the driver. All of this factual data reduces obscurity and disputes and gives the claims adjuster and the insurer data a significantly higher degree of accuracy.
- Accelerating the claims process
Not only does telematics enable insurers to settle claims optimally and accurately, but also helps to prevent fraudulent claims as all the essential information about a vehicle is incessantly tracked and recorded. Owing to the fact that telematics alerts the insurer as soon as an accident occurs, they are alerted to the possibility of an upcoming claim and the claims management system comes into play. The system can alert the police authorities and emergency services, arrange to tow the vehicle (if needed) and alert the nearest authorized repair shop to get the vehicle repaired and roadworthy at the earliest. This results in simple and straightforward fact-based documentation and a much faster claims resolution. For example, our solution automatically populates crash insights and reporting into a web portal or directly into an insurer’s claims management system, providing insurers with many details needed to process a claim quickly. By offering claims adjusters this information within ten minutes of an accident, insurers are empowering them to help drivers quickly resolve their issues.
- Placing safety at the forefront
Many auto insurers are using telematics to assess risks and encourage safer driving behaviour. While this also does, over time, bring down claims ratios, telematics has another very tangible and major benefit to give – the possibility of saving lives in case of an accident. This technology can detect crashes within moments of them occurring and then send real-time notifications to emergency services, first responders, and roadside assistance. By providing crucial information like GPS location and driver medical history to first responders, telematics systems ensure that not a single minute is lost in the effort to preserve life in an emergency situation. The financial implications of this for insurers are the reduction in claims arising from serious disability and probably even the loss of life of the driver.
The use of artificial intelligence and telematics has brought significant benefits to insurers and consumers. Several auto insurers are already using mobile telematics to assess risk and promote safer driving behaviour, but the benefits don’t start and end there. In fact, one of the most important – and life-saving – aspects of the technology is the ability to detect crashes within moments of their occurrence. Technology provides real-time notifications of a vehicle crash to quickly send roadside assistance to drivers when they need it most. By providing critical details like GPS location, time, and driver identification, new crash detection solutions enable insurers to save valuable time in emergencies, offering an added level of peace of mind.
- The often forgotten human element
An insurance program that measures aspects of driving and rewards drivers for safe driving is increasingly seen to attract customers who are far less risky drivers. This immediately translates into more profitable customers for the insurer. A consulting firm that has conducted extensive research on this issue found that it can lead to an average decrease in total claims of up to 57 percent. On the flip side, drivers who are more likely to run a red light, over-speed or drive rashly, will move to more traditional insurers who have non-usage based insurance policies – as such policies will work out to be less expensive for them. This move will further reduce the outflow on claims for insurers who base their premiums on the use of telematics.
With the implementation of cutting edge innovation that is possible through telematics, Neutrinos sees it emerging as the single most effective driving force in improving the bottom line for insurers and rewarding safe drivers while at the same time irrevocably and positively revolutionizing both the claims process as well as the claims experience.
In some instances, the new technologies could also save a life. One instance is Discovery Insure, a South Africa-based insurer that uses our Crash Detector to send immediate roadside assistance and paramedics to customers following collisions and life-threatening crashes. One customer, Evelyn Sadler, received immediate attention after a taxi swerved into her vehicle, causing it to go airborne. As the distracted driving epidemic increases, causing 1.25 million people to die in road crashes each year, insurers can offer drivers technologies and solutions that can keep safety at the forefront and prevent many deaths.