When an incident takes place, the involved vehicles are frequently towed and taken to a storage lot. This not only delays the repair and adds to the claims cost, but during this time, the owner also loses visibility on where their car is located and its status. IMS’ Incident Detection service leverages IMS’ advanced analytics capabilities to inform your FNOL process and accurately identify likely collision incidents. In doing so, it reduces inefficient claims expenditure due to avoidable secondary towing and storage charges.
Incident detection for the FNOL (First-Notice-of-Loss) insurance process can provide auto insurers with rapid notification of a claims incident, allowing insurers to immediately begin assisting the policyholder and processing the claim, while directing the towing service to the policyholder’s desired service center. It does so by leveraging available device sensors (e.g. accelerometer, gyroscope), collected driving data (e.g. speed), and contextual data sources (e.g. road segment data to detect crashes with high confidence. This enables IMS’ Incident Detection capabilities including intelligent delivery of crash notifications to program participants, and their emergency contacts, as needed.
Effective claims management including, First Notice Of Loss (FNOL), can reduce the average total cost of a claim by up to $800 if reported within 30 minutes and enable insurers to detect and prevent fraud, which collectively cost US insurers $5 – $7 billion annually.
