Acting by its administrator, Mr Gary Steven Pettit of PBC Business Recovery & Insolvency Limited Date of administration: 18 August 2023
It is well document that black box or telematics devices can reduce the cost of insurance for drivers but how can connected car technology reduce the cost of claims and more importantly fraudulent claims to insurers.
More vehicles than ever are now equipped with advanced connected technology and software that allows vehicle manufacturers and their branded insurance solutions to capture real insights into how their customers are driving and utilising these vehicles. Using enhanced data management solutions allows insurers to monitor driver behaviour, benefit from First Notification Of Loss (FNOL) solutions and have a deep understanding of any driver incident to ensure that the claims process is not just simpler but also accurate and doesn’t allow additional fraudulent costs to be part of the overall claim.
A recent report by the RAC highlighted that vehicle theft had increased by over 50% in 2019 and this will have a huge impact on the insurance industry as theft claims are expensive and will undoubtably drive up the price of insurance. Connected car technology has the opportunity to rapidly reduce car thefts as many vehicles have tracking devices built in making it hard to steal vehicles and easy to recover them if they are stolen. This reduces theft claims and enhances customer experience by returning stolen vehicles promptly.
This connected car technology can also allow insurers to offer Usage Based Insurance (UBI) solutions to allow their customers who driver less miles every year to benefit from reduced costs by monitoring the amount they driver.
At Verex we use our expertise in connected data to offer vehicle manufacturers solutions to enhance customer experience including a range of branded insurance solutions products and services that allow them to offer an enhanced and personalised service to their customers.
Verex Group is the market leader in the Vehicle Manufacturer Insurance and Accident Management sector. Alongside our network of partners, we utilise the latest innovations in connected data and technology to continually transform our business to achieve our future goals.
Our new range of services will allow vehicle manufacturers to offer a personalised service to their customers. Services will include; Usage Based Insurance (UBI) and Pay As You Drive (PAYD), plus “E-FNOL” (First Notification Of Loss) capture can be fully deployed. These propositions will deliver a more customer service orientated experience, a streamlined approach to accident management and the claims process and create added value into the branded network whilst helping to automate and control claims for insurers and increase parts and repair referrals to vehicle manufacturers.
