Using a simple web app, insurers can pre-inspect the vehicles when the motor insurance is being sold and so they can save cost, time and also increase trustworthiness.
"The problem with fraud, and it's a huge issue, is insurance companies don't even know how much they are paying out that they shouldn't have paid. It's really a hidden question," says Rauno Sigur, DriveX's chief executive and cofounder.
In the automotive insurance industry, Estonian insurers are losing billions of euro each year because of fraudulent claims and difficult manual processes, but DriveX Technology offers the opportunity to have in real time the information about a vehicle including plates number, the position of the car, location, etc.
Even if insurance is a highly conservative sector, partly because it is highly regulated, the new technology succeeded to pass the barriers and now DriveX is focused on automating the process, beginning with pre-inspection.
"We identified the need to pre-inspect the vehicles when they sell the motor insurance policies, so we have developed an [AI] solution where they can get images of the cars in real time," says Sigur.
DriveX was launched at the beginning of 2020 after four months of hard work in order to create the first prototype.
Consumer opens DriveX Smart Scan in their smartphone's browser using an access link sent to them by SMS or e-mail by the insurance companies. After taking the photos, a report with detected errors, a safety rating and relevant metadata is sent by email. "There's a standard set of pictures that are needed," says Sigur.
The aim of DriveX is to expand outside the borders, at this moment "DriveX is working with three insurers in Estonia, as well as a private company that operates in 38 countries, which will utilize its technology and sell it on to insurance companies", Sigur says.