SmartWitness Insurance partner, Direct Commercial Limited (DCL), has taken a major accolade at the fourth Commercial Insurance Awards in London.
The Chelmsford based company took the Insurer Claims Initiative of the Year award in a highly competitive category.
DCL is a market leading Insurance Underwriter specialising in Commercial Motor for the UK and Ireland. They utilise SmartWitness cameras and telematics/tracking platform to deliver their cutting edge Camatics solution to customers.
Their awards entry identified two problems for insurers that the Camatics product resolves and highlighted figures of actual claim cost savings that can be achieved with Automated Accident Notification.
Camatics is an in vehicle camera and telematics system recording any potential or actual incident and providing immediate notification to the Insurer and Policyholder. It delivers all the necessary information to make quick and informed liability decisions
Instant remote access to on-board CCTV & Telematics gives insurers the information needed to deal with claims proactively. Reducing claim costs by combating claim fraud, exaggeration and avoiding the unnecessary costs associated with credit hire and claim farming.
A combined 28% reduction in claim frequency and 20% reduction in average claim cost has resulted in an average performance improvement of 42% for Camatics policyholders. They are dramatically reducing their motor premium spend by utilising a practical application of functional technology achieving significant demonstrable results. Camatics is revolutionising the way claims are notified and handled.
Paul Singh, CEO of SmartWitness, commented, “DCL were one of the first motor insurers to use SmartWitness 3G FNOL Cameras and as a result have made substantial savings on claims costs, it is their foresight and forward thinking in adopting this technology that has seen them win such a major award, congratulations to Chris and the team.”
DCL’s Operations Manager, Chris Webb, concluded, “The award is recognition of DCL’s continual drive to innovate and develop new products and is thanks to all of the hard work by DCL and the team at SmartWitness. Camatics is proven to transform risk performance and reduce insurance premiums. It is a great example of our commitment to deliver real enhancement to our policyholders.”