VisionTrack, the leading provider of vehicle CCTV and video telematics solutions, has scooped two UK industry awards in recognition of how its unique Internet of Things (IoT) platform is tackling insurance fraud. The company has been named as the winner of the telematics category at the BusinessCar Techies and the Best Telematics-Based Project of the Year at Insurance Post’s Digital & Insurtech Awards.
The IoT platform combines telematics and high-quality video to help protect fleets against false, exaggerated, cash for cash and ghost passenger claims. The technology has already achieved impressive results, with one insurer achieving a 24 per cent reduction in claims frequency and an 18 per cent decrease in month-on-month claims cost. It has also managed to reduce disputed claims rates in some cases to zero, while proactive driver behaviour alerts and ground-breaking Advanced Driver Assistance System (ADAS) features are preventing incidents from occurring in the first place.
“Our unique, self-designed IoT platform has been built using the latest cutting-edge technologies to deliver unrivalled insurance benefits to fleet operations,” explains Simon Marsh, Managing Director of VisionTrack. “These latest accolades bring the number of awards we have won in the past two years to ten, which is fantastic acknowledgment for all the hard-work everyone has put into developing the solution.”
The winners of the Digital & Insurtech Awards were announced at a prestigious event for the digital insurance community at London’s Banking Hall, which was attended by 250 industry leaders from over 80 companies.