First Notification of Loss (FNOL) process provides vehicle insurers with fast notifications regarding accidents and claims incidents, enabling faster claim processing, improved response times and better towing services. BlinkApp leverages available smartphone sensors, driving data and contextual data to detect accidents with high accuracy and enable quick FNOL to the insurer companies.
- Empower effective claims management by reducing the average total costs of claims as well as enhancing fraud detection and mitigating the risk of non-reimbursable claim costs.
- Better accident assessment with more accurate data about collision time and location, while avoiding unnecessary towing and storage costs.
- Improved accident response times with the ability to reconstruct incidents and their accompanying driving behaviors.
- Enhance customer satisfaction and save time and cost by minimizing the time gap between accidents and claims resolution.
BlinkApp enables Usage-Based Insurance by taking advantage of a number of different sensors and tracking technologies to analyze driving habits, allowing your company to provide customized premiums for different insurers based on their behavior.
Over the time, the variables and factors used for UBI have proven to be better risk assessors compared to traditional rating variables. They extend the range of relevant data and make it possible to evaluate risk based on each individual’s real-world driving behavior, inclinations for safe or dangerous driving practices, trip characteristics, the current condition of the vehicle, the locale of vehicle operation, weather factors, and more.
When installed on the driver’s smartphone, BlinkApp collects and analyzes data about driven miles, driving times and durations, braking, acceleration, speed, cornering and total distance travelled. Monitoring the car and driver’s performance empowers insurance companies to gain – and provide – numerous benefits, including:
- Processing fast discounts for good drivers in just a few months instead of several years.
- Ability to provide lower rates for fewer miles so that drivers can qualify for low-mileage discounts and premium reductions that can be as high as 50%, compared to traditional insurance systems.
- Monitoring drivers’ behavior influences them to become better drivers which not only ensures drivers’ safety, but also enhances insurance rates and reduces accident claims.
- Collecting driving data such as the vehicle speed, direction and hard braking helps with accident investigations to find out what happened, who is at fault as well as uncovering fraudulent claimants.
- Enhancing your company’s market position by improving pricing models, reducing claim costs, increasing the annual number of potential touch-points, personalizing insurance plans and offering custom packages for low-risk drivers which in turn augment the customer perception about the company.
BlinkApp helps insurance companies with insightful data and analytics to effectively evaluate insurance premiums based on real consumption and drivers’ risk ratios instead of depreciation only. Adding to traditional assessment data such as driver’s age, license and car model, BlinkApp telematics will encompass comprehensive reports about drivers’ behavior including performance, length of trips, roads taken and driving times.
- Provide personalized adjustable premiums based on insightful data about driver behavior and performance not only age and car model.
- Induce driving style improvements for accidents reduction, driver’s safety and reduced costs.
What Numbers Say
<15
Average Days to Settle Claim
$500-$800
Avoided fees in storage, car rental & others
$176
Avoided fees on accidents
