WINNER: SBS

What key achievement did your entry highlight?

Whilst Gadget Cover is a growth area, so are gadget claims costs. Gadgets represent a significant risk to insurers, due to their high-value and portability, making them desirable, prone to loss, theft and accidental damage. SBS have designed an AI Fraud Claim-bot solution that uses unique ‘word cloud technology’ and links to verification services to enable the identification of fraud, spot exaggeration of the claim, but also enables customers to self-serve genuine claims for a faster than traditional service.

Can you share data or testimonials to back up your bid to win?

The key to our success has been to enhance the ability to identify fraudulent and suspicious claim activity, whilst ensuring genuine claimants remain delighted with the fast claim process they receive. Our processes have seen:

• Claim fraud identification increase to 11.3%
• Withdrawal rates increased by 23%.
• Genuine claimant NPS score >80

What sets your firm apart from the other shortlisted contenders?

SBS are a driving force behind digital innovation and claim technology. We have taken a unique approach to fraud identification by using AI technology within a self-serve claim-bot, ensuring zero disruption for genuine customers whilst ensuring claim cost reductions through enhanced fraud detection. Winning the Fraud Technology Solution of the Year would validate all the hard work carried out within the SBS team and definitely drive us all forward to strive for even better results for our clients. The celebrations would reverberate through all the close knit team working at SBS.

VisionTrack

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/vehicle data 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 FNOL and TPI, 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, Chief Executive, Cubit Insurance “Innovative solutions like this (UBI product) enable us to help protect customers and provide more affordable policies for our younger drivers.” Ian Donaldson, Chief Executive, Autonet and Carole Nash

What sets your firm apart from the other shortlisted contenders?

We’ve connected more than 40,000 devices already and growth is expected to accelerate further. In 2019, VisionTrack processed and categorised over 4m event videos and recorded over 500m 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 is able to 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 COVID19 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'm 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 C-19, we’re unlikely to be celebrating our victories together this year, but we’ll all be tuned in to watch the virtual awards. When it’s safe to do so, we’ll definitely have a party to toast our successes!