DriveX Technologies – AI-Powered Car Inspection With Damage Detection
E.E: What can you tell us about market trends?
SMART repairs
SMART stands for Small (to) Medium Area Repair Technology and it is a way of repairing defects on vehicle bodies in a more environmentally friendly and efficient way. For example, if your car’s paintwork has been damaged and dented in a small area, then it can be fixed with filler and respray. No need to remove or repaint the entire panel of the car.
Because SMART repairs are limited to smaller areas of damage, they use less materials and energy. Less waste is generated as well, because SMART often involves repairing damaged panels rather than replacing them.
SMART repairs can reduce CO2 emissions by up to 85% compared to traditional methods. This is quite an impressive number. With the damage detection software, DriveX aims to support companies with SMART repairs and through that encourage them to be economical with their resources.
Optimising with AI and different automation tools
The costs in insurance are increasing (operating costs, salary costs, repair costs), and the direct expenses of damages are on an upward trend. Everyone is raising insurance premiums, and it is necessary to streamline business models with various automation solutions.
E.E: What are the most innovative products/services marketed?
In addition to DriveX, we would like to highlight Kasko2go and Scrive. We have worked with both of these companies, and they are unquestionably the market leaders in their respective fields.
Kasko2go is a Swiss-based company that specialises in providing AI tools to expand market share and increase insurer profitability. Among other things, they offer an advanced risk prediction solution for motor insurance.
Scrive is a leading electronic signature and identification solution provider. Their software is incredibly easy to integrate into existing processes and is very intuitive for end-users.
E.E: What estimations do you have for the beginning of 2024?
Rauno Sigur, the CEO of DriveX comments: “Motor insurance total market continues to expand. It is very exciting to keep a close eye on developing countries whose motor insurance is in quick acceleration currently. The gross written premiums in total are not as big, but double digit growth means that they will need to create a whole new ecosystem of technologies. There is a unique opportunity to create winning solutions from scratch for the decade to come, and we want to be an integral part of that. Old legacy systems are not in the way, which means that adoption can happen much faster.”
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