Technology / Economy / People
Insurance industry comes up with solution to fraudulent claims
12 Sep 2019 - by
As the insurance industry counts the cost of fraudulent claims – estimated to be in the region of 32% of all claims submitted in any year, dashboard cameras have been identified as a possible solution.
“Next-Gen dashcams can revolutionise risk for the insurance industry, reducing fraudulent claims,” says Laurence Smith, executive at Graphic Image Technologies.
The industry is built to provide cover for drivers and businesses to insure against the loss, damage or liability that occurs as a result of a vehicle accidents, theft, hijacking or fire. “The premiums for covering such vehicular-related events have traditionally been calculated based on reactive data, in other words, in response to a loss.
“Now, thanks to recent developments in dashcam technologies, insurance providers have the means at hand to nip fraudulent claims in the bud by placing a dashcam solution in every insured vehicle to completely redefine the way that risk is viewed and calculated.
“All it takes is a simple dashcam solution, and a whole lot of cloud-computing power, software automation and artificial intelligence technology to stamp out fraudulent claims.”
He says today’s dashcams have had a major technology overhaul.
“Now equipped with smart sensors that are capable of registering and recognising trigger events, such as sudden stops, sharp acceleration, or collisions, these devices are capable of automatically uploading a 10-second video clip of the event to be stored in the cloud, while simultaneously sending email or SMS notifications, allowing insurance service operators to respond directly to vehicle incidents without having to be summoned.”