The insurance claims process
It has always relied on subjective and after-the-fact data. The claims process is reactive, open to fraud, and often unsatisfactory to consumers. IoT sensors provide objective data about what happened to an insured asset leading up to, during, and immediately following a loss event, leading to reduced claims costs, faster claims processes, and better customer relationships.
Akrea Telematix has been building image-based capability to process insurance claims, such as car insurance claims, though Artificial (AI) and Machine Learning. This is used to build a capability that is specific to each insurer and process, will complete claims processing within seconds, and can be integrated to other solutions, such as rating to produce accurate claims estimates.
Akrea Telematix AI features include Instant Damage Pricing, Position Detection, Severity Analysis, Hidden Damage Detection, Fraud Detection, Injury Prediction.
How Akrea Telematix can improve claims outcomes?
Any reductions that insurers can make to claims costs are critical to improving their combined ratio. Insurance telematics is uniquely suited to address all the major contributors to claims expenses, including:
- 20 – 30% fewer accidents and claims
- 30 – 59% decreased cost per claims
- 30 – 50% reduced fraud
- 05 – 10% lower loss adjustment expenses
What data is collected for a crash?
Telematics devices collect many vehicle and driver data points and the list grows daily. The number and variety of data points available to insurers to reduce fraud and optimize claims processing depends on the type of insurance telematics solution employed. Common data points include:
- Force of impact
- Driver behavior
- Vehicle damage
- Rotational dynamics
- Sensor information
- Incident context
How is the crash data used?
The data collected is only useful if it can be translated into actionable insights an insurer can use to improve business outcomes. The collected vehicle data is analyzed to digitally reconstruct an accident in a way that helps reduce claims costs and improve claim efficiency. Common uses of crash data by Akrea Telematix include:
- Assigning responsibility for a crash,
- Estimating extent of crash damage,
- Identifying and reducing fraud,
- Notifying and dispatching emergency services,
- Streamlining claims processing.