Video telematics has been proven to deliver significant benefits to providers and their fleet clients. This has resulted in improved loss ratios, enhanced customer retention and experience, and reduced operational costs.
A growing number of insurance brokers are introducing video telematics solutions. This is helping to increase the speed and accuracy of how claims are handled while reducing the impact of fraudulent or exaggerated claims.
Claims management companies are looking to video telematics for instant identification of first notification of loss (FNOL). This provides the ability to better manage and significantly reduce third-party costs.
IMPROVE LOSS RATIOS WITH REDUCED FREQUENCY AND COST OF CLAIMS
Challenge fraudulent and exaggerated insurance claims utilising the latest video telematics, insuretech and computer vision technologies. You can utilise the added insight and real-world data provided by our solution to support sustainable business.
Our IoT platform is already delivering impressive results by providing real-time and historical access to snapshot images, video footage and supporting data. One fleet insurer is already achieving an average reduction in claims frequency of 24% and an average 34% decrease in claims cost.
FASTER DECISIONS TO SIGNIFICANTLY REDUCE LEGAL AND ADMINISTRATION COSTS
Using undisputable video evidence and supporting driver and vehicle data from our video telematics solution makes it possible to make instant and accurate liability decisions. This allows the claims management process to be revolutionised, dramatically increasing claims handling efficiency and reducing associated costs.
Without access to video evidence, split and disputed liability previously could take many months to resolve. As such, video telematics is not only helping to decrease claims frequency, but also enabling insurance businesses to make dramatic savings by lowering their administrative and legal costs.
Revolutionise claims handling with fast, accurate and insightful FNOL
Video Telematics has shown to play an important role in First Notification of Loss (FNOL) and Third-Party Intervention (TPI), which are vital to keeping claims costs to a minimum and increasing the average speed of resolution.
By controlling claims from start to finish, at the earliest stage possible after an incident, there is an opportunity to better manage third-party costs and achieve greater savings potential. If an insurance business is instantly alerted to a collision and provided with actual footage from the scene, it is possible to take complete control of the entire process. Once liability has been proven, this instant intervention can help prevent excessive third-party hire and repair, while discouraging exaggerated injury claims.
Insurers, managing general agents, brokers and claims management companies using VisionTrack’s IoT Platform have: