Telematics has become so much more than just a monitoring process for young drivers. This sector is developing rapidly, changing the way insurance claims are processed and managed. Industry leaders, Insure Telematics Solutions (ITS), are using a combination of black box technology and artificial intelligence (AI) / machine learning(ML) 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 currently available can completely change the claims process by detecting legitimate incidents and more importantly, it can immediately identify fraudulent 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 telematics offering also offers a driver intervention system and a theft tracking capability, providing the most comprehensive system available in the industry.
Microsoft Azure is said to offer 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.