Octo’s Claims 2.0 solution will build on the success of Octo’s existing claims solution, whereby insurers using Octo’s telematics technology have seen double-digit improvements in terms of claims costs and efficiency. In 2014 Octo worked on a number of projects with insurers that helped to reduce claims management costs by an unprecedented average of 25%. In addition Octo have reduced the time spent by insurers assessing claims by an average of 40%.
Octo Telematics’ new Crash 2.0 solution – Three key milestones achieved:
-
Crash 2.0 has improved Octo’s existing crash detection process to streamline data analysis and maximise the accuracy of crash notifications for insurers
-
Five new methods for crash detection have been incorporated in Crash 2.0. These include: both "black box" methods (i.e., methods based only of the analysys of signals) and "clear box" methods (i.e., methods that also take into account the specific characteristics of a car's motion), including the use of neural networks and of innovative techniques to identify the most significant components of crash events and increase the accuracy of estimates relating to vehicle damage and the cost of replacement parts
-
Crash 2.0 incorporates data combination techniques that combine results of different methods in such a way that the combined result is optimised and is better than each method used on an individual basis
The insurance industry is witnessing an increased integration of telematics data into the claims process and this is also helping to reduce the volume of fraudulent claims, whilst ensuring seamless delivery of safety, assistance and convenience for the consumer.
Beating fraud is key for insurers; Personal injury claims have soared in the last decade, costing motorists millions in increased insurance costs.
There are, on average, 380 fraudulent claims made to insurance companies daily. The Association of British Insurers (ABI) estimates undetected general insurance claims fraud totals £2.1bn a year and adds around £50 to the annual cost of household insurances.
The IFB estimates the cost of fraudulent organised motor insurance claims alone is £392m each year and that 1 in 7 personal injury claims is connected to a suspected ‘Crash for Cash’ scam.
One example of how Octo’s crash reconstruction technology helped one of our UK customers detect a fraudulent claim was when one of their drivers was involved in an accident whereby their vehicle hit another car and the driver of that vehicle claimed for a whiplash injury.
Our customer requested that Octo reconstruct the crash event in order to identify any fraud. An accurate and complete reconstruction of the accident was created with Octo leveraging the data collected by the Octo box installed in the vehicle. The reconstruction was able to accurately determine speed and accelerations of the vehicles involved and consequently the conclusion was drawn that both vehicles were not travelling at sufficient speed to generate a whiplash injury claim.
As part of Crash 2.0 continuous development, the solution will deliver innovative, multiple sensors on the vehicle and high on-board data processing capability to deal with the huge quantity and high quality of information that will be collected. This is expected to produce a further quantum leap in performance. All of our partners who are provided with the Crash Service by Octo will have access to these best of breed and innovative services.
The development of Crash 2.0 has been undertaken in conjunction with the University of Rome La Sapienza Department of Mechanical and Aerospace Engineering, who are in turn partnered with several universities and research institutes throughout the world, and can draw on the input of experts within this multidisciplinary subject.
Commenting on the development of Crash 2.0, Jonathan Hewett, CMO, Octo Telematics said:
“At Octo, we are witnessing increased integration of telematics data into claims processes and we plan to continually improve our service offering.” Jonathan Hewett concludes: “Crash 2.0 will deliver the most robust telematics based claims solution available to insurers, which ensures that the consumer experiences the seamless delivery of safety solutions,such as emergency notification and recovery whilst insurers will experience shorter settlement times, reduced internal overheads and higher customer satisfaction.”
|
