Recently Insurance-Edge ran a story on dash cam discounts for first time, and younger drivers, which would replace the Black Box’ tech that is currently used in-car. But Telematics is an established platform and there is still plenty of development happening within the sector.
News from ITS (Insure Telematics Solutions) suggests that the real value of telematics is as much in claims management, as it is in monitoring driver behaviour day-to-day.
ITS are using a combination of blackbox technology and AI/Machine Learning algorithms to analyse every incident and claim and automatically compile comprehensive reports.
ITS are working with Microsoft Azure to further innovate and develop this sector, developing technologies such as Machine Learning which, combined with telematics data, can create accurate prediction models. ITS is applying machine learning to the crash data received from the telematics devices to predict if the data received is indicative of a true incident or not. This has the capability to generate an accident notification within minutes, which can be used by insurers to contact the policyholder as soon as an accident is detected.
The technology can completely change the claims process by detecting legitimate incidents and more importantly, it can immediately identify fraudulent – so called crash-for-cash – claims. This rapid and accurate model can recreate the accident using the collected data, and then produce accessible on demand reports that can be accessed via a customer portal.
Adam Gooch, Commercial Director ITS, added, ‘Telematics technology is changing and developing quickly and our partnership with Microsoft has allowed us to grow our machine learning technology and move towards our goal of developing the most accurate and comprehensive crash algorithm available in the market.’
The ITS Telematics offering also features a driver intervention system and a theft tracking capability.
Microsoft Azure offers the agility to test, develop and release new features and technologies in a short space of time. It also meets a broad set of international and industry-specific compliance standards ensuring that data is used in a safe and secure manner.