Knowledge is power in claims game
12th October 2021Tweet
A new telematics technology from IMS can now provide drivers with a comprehensive report of an incident they have been involved in within 10 seconds of it happening.
The company showcased its cutting-edge technology at ClaimsTech, an I Love Claims event held in London last month, when it explained how telematics data can streamline the claims process while at the same time protecting insurers from fraud.
The session, Disrupting Claims with Telematics, was presented to attendees by Marco Amendolagine, vice president claims solutions, and Nick Street, head of connected claims.
They explained how their telematics device, discreetly attached to the windshield of a car, would notify an insurer of a collision within moments of it happening. Apart from simply informing the insurers that an incident had occurred, it would also provide data about where the car was damaged, what speed it was travelling at when the impact occurred, whether the car swerved or braked moments before, and, by connecting with streetview, if the driver had been adhering to road markings.
This detailed breakdown of circumstances can enable the insurer to almost immediately determine fault.
The report will then be returned to the driver’s smartphone for them to confirm events.
For insurers, the benefits are substantial. IMS reported that in the 10 years since its system was launched it has helped reduce false claims by a staggering 99.9%. Meanwhile, it has enabled 70% of all motor claims to be handled digitally, leading to immediate management savings.
In terms of preventing fraudulent claims, IMS told ClaimsTech that four per cent of claims were immediately flagged up and rejected, while the in depth and undisputed analysis of the incident – which also includes magnitude of impact – had seen a 50% reduction in claim payments for minor injuries, a 20% reduction in the average cost of compensation, and a 60% decrease in legal costs.
Telematics is now used by nine in 10 fleet operators, up from just 48% in 2018.
I Love Claims would like to thank ClaimsTech headline sponsor SightCall, as well partners Google Cloud and Mastercard, gold sponsors CoreLogic, Digilog UK, Entegral, IMS (Insurance Mobility Solutions), Tractable and Verisk, and silver sponsors asTech, Carpe Data, eviid, GT Motive, Service Certainty, and Synergy.Tweet