How to pick car inspection tech that will drive insurance forward

The deployment of innovative car inspection technology has become not only a competitive edge but also a necessity.

Yet the path to selecting an optimal solution is fraught with intricate considerations, nuances, and a demand for future-readiness that can seem daunting.

It is essential to acknowledge that the market is saturated with various technology solutions, each promising to streamline processes and deliver precision in damage assessment.

The question for insurers then morphs from whether to adopt these technologies to which one aligns best with their operational ethos.

A primary consideration is the degree to which a new technology can be integrated into existing systems.

The decision to adopt a particular car inspection technology is a multidimensional decision that will shape an insurer's operational effectiveness, customer satisfaction, and ultimately, their position in the market.

Insurance companies are not merely looking for a standalone product; they require solutions that can seamlessly dovetail with their current workflow and data infrastructure.

Technologies that offer plug-and-play capabilities with minimal disruption stand out.

Accuracy and consistency

The heartbeat of any inspection technology is its ability to consistently deliver accurate results.

Insurers must scrutinise the precision of the technology under consideration, understanding that even the slightest error can compound into significant financial losses.

An effective solution must excel in identifying a range of damages, from the overt to the subtle, and do so under varying conditions and vehicle types.

With an eye on growth, scalability also becomes a critical parameter.

The chosen technology must not only meet today’s needs but also adapt to tomorrow’s challenges, whether that be an increase in the volume of claims or the emergence of new vehicle technologies.

Solutions that offer scalability help ensure that investments made today will not become obsolete tomorrow.

User experience

The human element also cannot be overlooked. The technology’s interface should be intuitive, reducing the learning curve and empowering claims agents and inspectors to perform their roles with greater efficiency and confidence.

If a technology solution is cumbersome or complex, it risks rejection by the very people it’s meant to assist.

Cost-efficiency is another key consideration. While cost should not be the sole deciding factor, it remains an inescapable component of the decision-making process.

Insurers must evaluate the return on investment, weighing the initial outlay against the potential savings from more accurate claims handling and fraud reduction.

Any technology that processes personal customer data must also be scrutinised for compliance with privacy laws and regulations. Moreover, insurers must ensure that the solution provides robust data security to protect against breaches that could undermine customer trust and result in costly litigation.

Reputation

Assessing the vendor's track record in delivering and supporting their technology is as crucial as evaluating the technology itself.

Insurance companies must seek vendors with proven resilience, customer support, and a pattern of regular updates to keep pace with evolving industry demands.

Successful implementation requires meticulous planning, staff training, and a period of dual-running with existing processes to ensure a smooth transition.

Continuous evaluation post-deployment is also vital, as it allows insurers to make iterative improvements, leveraging user feedback and performance data to refine their approach.

The decision to adopt a particular car inspection technology is a multidimensional decision that will shape an insurer's operational effectiveness, customer satisfaction, and ultimately, their position in the market.

By rigorously assessing the integration capabilities, accuracy, scalability, user experience, cost, compliance, security, and vendor support, insurers can navigate the intricacies of this choice and select a technology solution that will drive them forward in an era of relentless change.

Eliron Ekstein is co-founder and CEO of Ravin AI