Inzura, a UK-headquartered InsurTech firm, and MiTAC Digital Technology Corporation (MDT), the world’s largest dash cam manufacturer, today announce their technology partnership to deliver a fully integrated telematics dash cam solution for the motor insurance industry. The solution will help provide real-time feedback to drivers through its Advanced Driver Assistance Systems (ADAS) to help reduce accidents, increase safety and improve claims processes.
The global dash cam market has been estimated to be worth around $2.19bn due to the evidence dash cams provide to easily identify the cause of an accident. Drivers can use the footage to prove their innocence and to protect against fraudulent insurance claims.
However, currently insurance providers rely on the policyholder to supply the dash cam footage.
Now, this latest innovation between Inzura and MDT makes sure that insurance providers always get access to accident video files within seconds, without any user intervention. This creates an instant First Notification of Loss (FNOL), the initial report made to an insurance provider following an accident involving the insured customer.
Inzura Co-Founder and CEO Richard Jelbert said, “Working with MDT is a hugely exciting opportunity as they are fully engaged with us to deliver innovative solutions into the global insurance market. Our app based telematics solution can now seamlessly manage the Mio Dash Cam and video files without the need for a separate app. It is an industry first and good for customers and insurers.”
Using the technology provided by Inzura’s Telematics App, these new dash cams do not need a SIM card or yearly contract, this means reduced operational costs to the insurer and a cheaper device for end users.
The Inzura Telematics App provides insurers with a powerful suite of data that includes second-by-second driver behaviour leading up to an accident. The accident video file is automatically uploaded to the insurer and can be supported by additional smartphone images taken at the scene by the policyholder via the Inzura app.
The product is available now with the first customer set to launch next month. Inzura is working with existing customers and insurers in Europe and Asia planning their own Dash Cam product launches throughout 2019.
Steve Chang, President of MiTAC Digital Technology Corporation said,“This is a significant breakthrough for our company. We are delighted to have this opportunity to co-work with Inzura and introduce our dash cam solution to the motor insurance industry. I believe this is only the first step in this region and we are confident of our future success in this region and beyond.”
Jelbert added, “The Mio dash cam device brings excellent functionality including ADAS capabilities at a very competitive price. This technology will allow insurers to offer dash cams effectively for free or at a subsidised rate as part of their policy product due to their significant cost savings. Ultimately providing lower premiums to drivers. Adding ‘Follow distance’ and ‘Lane Departure’ to our existing scoring algorithm provides greater insight into driver behaviour and determining risk profiles. There is a lot more to come from our partnership with MDT and it demonstrates the real power when two genuine innovators work together.”