Auto Insurers Can Now Use Smartphones to Reconstruct Crashes
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jan 9, 2020--
Cambridge Mobile Telematics (CMT), the world’s leading mobile telematics and analytics provider, has launched its latest product line, Claims Studio. Through a lightweight smartphone solution, Claims Studio gives claims adjusters access to robust, unbiased telematics and contextual crash data after an impact occurs. CMT’s ability to detect crashes has been in the market since 2015, but now has expanded to support the end-to-end claims process.
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Claims Studio uses telematics and artificial intelligence to reproduce the true story of a crash, creating a data-driven narrative to accelerate the claims process. By accessing key details like speed, severity, and vehicle impact location early in the process, insurers can spend less time collecting information from drivers and third parties, and more time confirming facts and accurately assessing loss.
“A claims adjuster needs information to do their job,” said Ryan McMahon, vice president of insurance and government affairs at CMT. “When information is incomplete or inaccurate, the process takes longer and costs increase. Claims Studio enables insurers to settle claims earlier and more accurately, offering better customer experience.”
Claims Studio includes the following products:
- Crash Detector provides real-time notification of a vehicle crash to send roadside assistance to policyholders when they need it most. Providing critical details like GPS location, time, and driver identification, Crash Detector enables insurers to save valuable time in emergency situations and improve customer experience with added services.
- Claims Reporter provides an accurate, unbiased crash narrative in the form of a detailed Crash Storyline via CMT’s web portal or a Crash Data Feed into a claims management system. Details include CMT’s proprietary severity indicator, hit location on the vehicle, speed and acceleration details, evasive maneuvers, and more.
"Many auto insurers are already using mobile telematics to assess risk and promote safer driving behaviors, but the benefits of mobile telematics in auto insurance don't start and end there,” said Hari Balakrishnan, CMT’s co-founder and chief technology officer. “Claims Studio offers a proactive approach to how insurers handle claims and provide additional peace of mind to their customers that they have protection in the event of a crash.”
CMT and Duck Creek Technologies, a global provider of P&C industry insurance software, recently announced a joint solution that offers auto insurers faster deployment of Claims Studio and DriveWell. DriveWell is CMT’s mobile telematics and behavioral analytics product line that assesses driving behavior, engages users, and encourages safer driving.
Since introducing mobile usage-based insurance to the auto insurance market in 2012, CMT’s technology is used in more than 50 active programs across more than 25 countries. A selection of CMT’s insurer customers include State Farm, Liberty Mutual, Nationwide, Erie Insurance, Travelers, AIG and State Auto in the U.S., Admiral in the U.K., Desjardins in Canada, HUK-Coburg in Germany, Discovery Insure in South Africa, and Insurance Australia Group in Australia.
About Cambridge Mobile Telematics
CMT's mission is to make the world’s roads and drivers safer. Since its first product launch in 2012 that pioneered mobile usage-based insurance, CMT has become the world’s leading telematics and analytics provider for insurers, rideshares, and fleets. CMT’s DriveWell platform uses mobile sensing and behavioral science to measure driving risk and incentivize safer driving, while its Claims Studio reduces the claims cycle time with real-time crash detection, crash reconstruction, and damage assessment using telematics and artificial intelligence. CMT has over 50 active programs with insurers and other partners, improving safety for millions of drivers every day around the world. Started based on research at MIT and backed by the SoftBank Vision Fund to fuel its rapid growth, CMT is headquartered in Cambridge MA. To learn more, visit www.cmtelematics.com and follow CMT on Twitter @cmtelematics.
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CONTACT: Cori Cagide
KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: MOBILE/WIRELESS TECHNOLOGY INSURANCE AUTOMOTIVE TELECOMMUNICATIONS PROFESSIONAL SERVICES OTHER AUTOMOTIVE TRANSPORTATION DATA MANAGEMENT TRAVEL
SOURCE: Cambridge Mobile Telematics
Copyright Business Wire 2020.
PUB: 01/09/2020 09:00 AM/DISC: 01/09/2020 09:01 AM