There are just nine days to go until the winners for Insurance Times’s Tech & Innovation Awards 2020 will be revealed at a virtual ceremony on 17 September
Here we feature VisionTrack’s entry into Fraud Technology Solution of the Year
VisionTrack entered its Internet of Things (IoT) platform Autonomise.ai
What key achievement did your entry highlight?
Our self-designed IoT platform, Autonomise.ai is 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. In the past three years we have deployed more than 110,000 vehicle camera devices.
Alongside indisputable video evidence – the driver and vehicle data enables instant and 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 notification of loss and third-party insurance, enabling claims to be controlled from the start, to better manage third party costs and achieve greater savings.
Can you share data or testimonials to back up your bid to win?
“We embrace technology that can augment our products and services. 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 and further enhancing the benefits we deliver. Using VisionTrack our policyholders can achieve an 18% reduction in claims costs and a 24% reduction in incidents,” Chris Webb, Camatics Ltd.
“We have managed to reduce our disputed claims ration to 0%, we also managed to settle fault claims within 24 hours due to immediate notification of claim from incident scene,” Habbab Mehr, at chief executive, Cubit Insurance.
“Innovative solutions like this (usage-based insurance product) enable us to help protect customers and provide more affordable policies for our younger drivers.” Ian Donaldson, chief executive, at Autonet and Carole Nash.
What sets your firm apart from the other short-listed contenders?
We have connected more than 40,000 devices already and growth is expected to accelerate further.
In 2019, VisionTrack processed and categorised over four million event videos and recorded over 500 million miles of journey data, containing 192 billion data points. This equates to 37m hours of video which would take over 60 lifetimes to watch.
With access to such rich information, Autonomise.ai can provide visual and data insight that is helping our partners to unlock a range of safety benefits.
For example, vehicle data was able to provide increased understanding about driving habits during the Covid-19 lockdown. It found that fleet and road transport drivers were increasingly flouting the speed limit, with overall incidents increasing by 2.61% despite a 22.6% reduction in the number of miles driven.
How will you celebrate if you are the victor?
I am incredibly proud of the efforts we make to remain at the forefront of innovation – and every award win for VisionTrack is a team triumph.
Sadly, due to Covid-19, we are unlikely to be celebrating our victories together this year, but we’ll all be tuned in to watch the virtual awards. When it is safe to do so, we will definitely have a party to toast our successes.
Revealed: Technology & Innovation Awards finalists 2020
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Technology & Innovation Awards finalist 2020 Q&A: VisionTrack’s IoT platform overhauling telematics and cutting fraud