How To Improve Claims Processing On GCC Market?
Accidents rate strongly impacts the insurance industry and is inextricably linked with the claims processing
According to the WHO reports UAE used to be one of the most dangerous places for motorists in the world. In 2013 there were more than 18 road fatalities per 100 000 inhabitants per year. In 2017, the number of deaths caused due to road accidents decreased to 525 and the rate of road traffic deaths decreased to 4.5 per 100 000 people. The latest data available on the UAE’s data portal Bayanat.ae shows that the 2018 road toll was a fraction of global averages, with 3.38 people per 100 000 road users losing their lives on Dubai’s roads.
Accidents rate strongly impacts the insurance industry and is inextricably linked with the claims processing. Having that in mind for insurers on the GCC market the most important thing now is to improve claim processing both in terms of their number and time of incident evaluation. Automatic claims assessment can significantly boost insurer’s profitability as well as eliminate financial frauds. One of the solutions that improve and automate claims processing is a system created by the European company Sparkbit.
Sparkbit’s research lab uses artificial intelligence to analyse road situation in real-time based on camera images. With that data the system is able to automatically detect and analyse the following events: crossing on a red light, aggressive, dangerous or illegal overtaking, keeping a safe distance between vehicles, excessive lane hopping. In case of accident relevant images of the road situation can be automatically sent to the insurer and assessed in near real-time. This in turn significantly improves claim processing time.
To find out more about this solution visit: www.sparkt.ai
