• Claims set to be over 90% faster
• Pioneering technology for the insurance industry
• Damage assessment to be accurate and transparent
Loss adjustors using Scope’s technology will wear a pair of oculus rift Scope VR™ goggles enabling them to reconstruct an accident in 4D using telematics driving data from the black box or on board device (OBD) installed into a growing number of cars or HGVs.
The innovative technology is designed to dramatically speed up a crash claim case, from a current average of 4-6 weeks to just 2 days. Currently, loss adjustors have to write a report on the validity of the claim and make the appropriate recommendations. This will dramatically speed up and improve that process.
The technology will also increase the accuracy of decisions by providing data and an accident reconstruction not previously available to loss adjustors. They will be able to gain a comprehensive overview of a particular accident in real-time and from a remote location. It will be a cost effective measure for insurers saving on average 60% per claim**, reducing fraudulent activity as well as eliminating the number of sub-contractors required for on-site or garage assessments.
The oculus rift technology creates a full-scale reconstruction of the last moments leading up to an accident, using data on the vehicle’s speed, RPM, as well as weather and location among other factors. Upon accident detection, the technology can calculate and analyse the angle, severity of impact and likelihood of injury.
Pravar Gautam, Vice President Sales at Scope Technologies, said: “We have seen a considerable growth in telematics policies across Europe in recent years, approaching 3 million in Italy and nearly half a million in the UK. This technology will be seen as a paradigm shift within the insurance industry as claims management will be transformed.
It will save insurers money and make the life of the loss adjustor far easier, allowing them to process more accurate and transparent claims at more than twice the speed. The 4D accident reconstruction is incredibly detailed and we can analyse crash impact zones and speed metrics in far more detail than ever before.”
The Scope VR™ technology will be device agnostic, meaning it can use data from any telematics black box or OBD. The innovation will be a game changer for insurers with the proliferation of consumers signing up to Usage Based Insurance. Some estimates predict that European telematics policies will exceed 28 million by 2019 and British Insurance Brokers Association’s research this month recorded a 40% increase in telematics motor policies in the last year and with nearly 500,000 live policies.
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