Leveraging telematics to increase driver safety and reduce insurance fraud
Octo’s new Crash 2.0 programme builds on the success of its current claims solution, which has allowed insurers to gain double-digit improvements in terms of claims costs and provides drivers with extensive safety benefits.
In 2014, on average, Octo solutions reduced claims management costs by an unprecedented 25% and cut claims processing time by 40%.
Octo’s new Crash 2.0 solution features streamlined crash detection processes for greater accuracy and improved data combination techniques that optimise data from individual sources.
In particular, Crash 2.0 introduces five new crash detection methods based on both “black box” signal analysis and “clear box” motion recognition. These include the use of neural networks, multiple sensors, greater on-board processing capability and further innovative techniques to identify accident dynamics and increase damage estimate accuracy.
Commenting on the development of Crash 2.0, Jonathan Hewett, CMO, Octo Telematics emphasised: “We are constantly increasing the integration of telematics data into our claims processes. Crash 2.0 will deliver the most robust telematics-based claims solution available to insurers. It ensures seamless delivery of safety, assistance and convenience to consumers and reduces settlement times and overheads for insurers.”
Indeed, beating frauds is a top priority for insurers, and for consumers who would benefit from reduced costs. The UK Insurance Fraud Bureau estimates that fraudulent insurance claims amount to nearly £400 million per year and that 1 out of every 7 personal injury claims is connected to a suspected “crash for cash” scam.
On average, insurance companies receive 380 fraudulent claims per day. The Association of British Insurers estimates that undetected insurance frauds cost £2.1 billion a year, adding about £50 to annual household insurance costs.
Crash 2.0 is being developed in collaboration with the Rome Sapienza University Department of Mechanical and Aerospace Engineering.
For further information: