Winners will be revealed at Insurance Times’s Claims Excellence Awards 2020 on 15 October at Kensington’s Royal Garden Hotel
Here we feature VisionTrack’s entry into Claims Product Solution of the Year – Motor
VisionTrack entered its Internet of Things platform called Autonomise.ai, to see more fantastic Q&As from finalists, click here
What key achievement did your entry highlight?
Our entry highlighted the development and success of our self-designed IoT platform, Autonomise.ai. It’s transforming video telematics through world-leading algorithms, which provide unrivalled driver behaviour and video analytics, while machine learning and AI deliver impressive insight and intelligence. Alongside indisputable video evidence, the driver/vehicle data it offers enables instant, accurate liability decisions, revolutionising the claims management process.
Our video telematics solution helps decrease claims frequency and fraud, supports faster decisions and significantly reduces costs. It plays an important role in First Notice of Loss and Third Party Insurance, enabling claims to be controlled from the start, to better manage third-party costs and achieve greater savings.
What sets your firm apart from the other shortlisted contenders?
Autonomise.ai is unique. Developed over the past two years using the latest technologies, it’s evolved to connect to any third-party system. It’s become hardware agnostic, infinitely scalable and compatible with any device capable of transmitting data.
In 2019, it processed and categorised over 4m event videos and recorded over 500m miles of journey data, equating to 37m hours of video, which would take over 60 lifetimes to view.
This data enables us to continually train our technology and helps predict driver behaviour to prevent incidents, reduce claims and associated costs. Insurers can also assess risk and price more accurately.
Can you share data or testimonials to back up your bid to win?
“…VT24/7 is mandatory in our fleets…the quickest incident FNOL to date is under a minute and data’s enabled us to repudiate false claims, ” Steve Mynott, deputy chief executive officer at Collingwood Insurance Services.
“We have managed to reduce our disputed claims ratio to 0%, we also managed to settle fault claims within 24 hours due to immediate notification of claim from incident scene…’’ Habbab Mehr, chief executive, at Cubit Insurance.
“VisionTrack’s technology helps reduce claim costs and rewards our policyholders with premium savings. The…system provides vital evidence, establishing liability for incidents that attract the most expensive third party claims…” Chris Webb, Camatics Ltd.
How will you celebrate if you are the victor?
We will share this win with our team, who we’re so proud of, and who work so hard for us every day to ensure we stay at the forefront of innovation.
Claims Excellence Awards 2020
- Currently reading
Claims Excellence Awards Finalist 2020 Q&A: VisionTrack’s IoT platform transforming video telematics