Selected for their unique technology which creates comprehensive collision reconstruction reports in minutes, Nexar reduces opportunistic fraud and enables a faster and more accurate claims process
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Nexar, an AI-powered dashcam app and connected vehicle network, has been named the winner of the Insurtech Award at the Innovation in Insurance Awards hosted by Efma-Accenture, celebrating the best new ideas transforming the insurance industry. Chosen from over 320 innovations, Nexar’s automated accident reconstruction leverages AI and smartphone sensors to capture collision footage and data, and uses it to generate a comprehensive collision reports in minutes.
Insurance companies benefit from the increase in data sources available when analyzing the conditions surrounding a collision, however, insurers find it difficult to operationalize them in a cost-effective manner. Nexar’s smartphone-based solution generates a complete reconstruction of a collision within minutes, including the type of collision, force, video footage, and the exact context, equipping insurers to accurately and efficiently process a claim. With Nexar, insurers receive a complete and unbiased understanding of the collision scenario, reducing the rate of opportunistic fraud, operational costs, and false positives while simultaneously facilitating a stronger relationship with policyholders.
“We are thrilled to have been recognized by Efma and Accenture,” said Eran Shir, CEO, and Co-Founder of Nexar. “Nexar was created with the mission of making roads smarter and safer, and along the way, we recognized the often-fraught relationship between drivers and their insurers. Strained by overly complicated and lengthy claims processes, we saw an opportunity to remedy the situation. Our technology restores peace of mind to both drivers and insurers by removing the guesswork and potential bias from collision reconstruction methods, as well as bringing speed, accuracy, and savings to the insurance industry.”
“It’s exciting to see so much innovation from companies around the world,” said Vincent Bastid, Efma’s CEO. “The number of submissions we’ve seen this year shows that insurers are facing disruption head-on, with advancements in customer service, personalization, and mobile applications through a combination of AI & Big Data. Congratulations to all of this year’s winners for their achievements.”
Jean-Francois Gasc, Accenture’s insurance strategy lead for Europe, Africa and Latin America, said, “Innovation in insurance shouldn’t just be the domain of insurtechs and other startups. Insurers from around the world are embracing new technologies to develop innovations around the customer experience, transform their operations and create new efficiencies. The winners highlight how the use of AI, machine learning and the internet of things are reinventing insurance.”
Nexar connects cars in the world’s largest open vehicle-to-vehicle network. Leveraging connected smartphones, car cameras, and sensors, Nexar provides real-time alerts to prevent vehicle, cyclist, and pedestrian collisions. Leveraging millions of crowd-sourced road miles jointed with sensor-fusion, deep-learning, and map-layering technologies, Nexar provides products and services for the Insurance, Automotive, and Mapping industries.
A global non-profit organization, established in 1971 by banks and insurance companies, Efma facilitates networking between decision-makers. It provides quality insights to help banks and insurance companies make the right decisions to foster innovation and drive their transformation. Over 3,300 brands in 130 countries are Efma members. Headquarters in Paris. Offices in London, Brussels, Barcelona, Stockholm, Bratislava, Dubai, Milan, Montreal, Istanbul, Beijing and Singapore. Learn more www.efma.com.
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 442,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.
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