Vehicle CCTV specialists SmartWitness has slashed the number of disputed claims with its new First Notification of Loss (FNOL) video camera technology.
It is rolling out the latest FNOL technology to all HGV fleets following a successful pilot scheme which saw some firm’s disputed claims go down by as much as 40 per cent.
The pilot scheme also saw significant improvements in driver behaviour – and there was a 19 per cent reduction in the total number of incidents which resulted in insurance claims.
SmartWitness monitored the progress of FNOL cameras in 3,000 commercial vehicles from February 2016 to July 2016. Around 40 per cent of all motor insurance claims are disputed when there is no video evidence.
This figure dropped to less than 1 per cent with FNOL cameras in the pilot scheme.
The amount of time spent on the claims where the driver was at fault was significantly reduced which led to a huge reduction in legal costs.
The SmartWitness KP1 forward facing camera was the central piece of hardware for the scheme and it fits neatly to the inside of the top of the windscreen.
SmartWitness CEO Paul Singh said: “We were the first company to provide a FNOL video solution for HGV fleets and our pilot scheme has been a huge success.
“With our system, insurers can literally have incident data within seconds. Our KP1 camera provides the highest quality footage and data which gives them all the proof they need to fight any claims.”
The KP1 has a 170-degree high resolution camera, as well as G shock sensors which are alerted to any incident and immediately send video footage plus detailed incident data – speed and force of impact, location, date and time – to the insurer via the 3G/4G dongle.
The KP1 also works in tandem with SmartMail and SmartView software – both of which give real-time information delivery – sending incident footage directly into claims department’s inbox or desktop seconds after it happens.
FNOL helps insurers to slash costs because they know exactly who is to blame for an incident seconds after it happens. It allows them to order repairs immediately where appropriate and limits added costs such as the use of courtesy cars.
Singh said the FNOL was also a key tool for combating fraud.
He added: “The FNOL video footage provides irrefutable witness evidence to help ensure claims are settled on air basis and root out fraud. The removal of any uncertainty allows insurers to combat any avoid fraudulent claims. All parties – including the police if necessary – can be alerted immediately to a fraudulent claim.”
“The simplest way to weed out fraudulent claims is to stop them at source – by showing fraud has been caught on camera and any fraudulent claim is likely to result in police action. This would not be possible without the camera technology from the SmartWitness KP1.
“The policyholder has full knowledge and control over the incident footage and data as well. They are provided with a web portal via the SmartView software so that they can track and monitor their vehicles. In the event of an incident the insurance claims team and the policyholder receive instantaneous alerts and have instant access to on-board footage in order to identify the responsible party and identify fraudsters.”
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