OCTO streamlines accident claims management
With AI and video damage evaluation, Telematics specialist OCTO has launched a Crash & Claims solution that uses AI (Artificial Intelligence) technology to reduce claim processing times, mitigate insurance fraud, and optimise the entire settlement process while reducing overall costs.
AI plays a crucial role in accurately reconstructing a crash scene. OCTO’s technology can automatically detect crashes through onboard sensors and validate all related data using AI algorithms programmed to self-learn. These algorithms are continuously fed with new data from OCTO’s real-time crash database, enhancing the accuracy of the crash analysis.
The interaction between the device installed in a vehicle and the OCTO platform enables the accurate detection and validation of car accidents, providing insurance companies with deep insights into understanding crash dynamics. This transparent and efficient claims management process can result in an overall improvement of 26% in claims management, OCTO asserts.
Improving crash reports
Information related to the crash is gathered and processed through telematics and made available to the insurer through a Crash Report. The report integrates information concerning the insured party with unbiased data acquired from the onboard device. It includes details such as the date, time, speed, direction, and severity of the event, along with geolocation data displayed on a map, showing the vehicle’s position and route.
In addition, OCTO has expanded its offerings with the Video Damage Evaluation solution, which utilizes an AI-based virtual assistant to enhance the Crash Report with a precise estimation of damages. This estimation is assessed through a video independently recorded by the policyholder using their smartphone.
An algorithm automatically and precisely identifies damages in real time, saving time and preventing insurance fraud.
Image: shutterstock_1642696549. Panumas Yanuthai