Risk Technology: Enhanced Telematics Platform with Real Time Video Analytics

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Motoring insurance premiums are rising due to a number of factors:1) Increasing fraudulent claims – in 2013, dishonest motor claims rose by 34% to 59,900,valued at £811m, adding £90 to each insurance premium in the UK;2) Rising personal injury claims – there were 775,000 motor personal injury claims registeredto the DWP Compensation Recovery Unit in 2013/14, compared to around 520,000 claims in2006/07, representing an increase of around 50% in claims. This increase coincided with a23% decrease in the number of road traffic accidents reported to the policeRisk Technology (RT) manufacture vehicle telematics devices (TDs) that gather metrics suchas car location; speed; road type; statistics on acceleration and deceleration; rests during longjourneys; overall mileage & the facility to differentiate motorway miles. TDs enable insurancecompanies to implement usage-based insurance (UBI), to monitor low risk driving, detect iffraudulent claims are being made, and offer reduced premiums to drivers. It is widely believedin the automotive and insurance industries that within 10 years, drivers will face inflatedinsurance premiums or be forced off the road unless they allow their driving to be monitoredby TD’s.A 2013 TSB SMART grant enabled RT to develop the technical ability of their TD, & build adriver characteristic database & crash analysis tool for insurers to optimise the product theydeliver, based on a competency scoring method (this project completes in early 2015). RTnow propose a further £666k development of prototype project to add further functionality tothe TD so it can:1) Add video footage2) Monitor driver behaviours3) Emit ‘Safe Driving’ promptsThis project will address the problems listed above, as clear and tamper-proof evidence will beavailable for insurers to help detect fraud - protecting innocent motorist & enabling lowerpremiums to be offered to safer drivers, enabled by savings made from a reduction infraudulent claims.