The Insurance Authority (IA) is introducing a system of telematics technology on drivers’ vehicles in the United Arab Emirates.
Motor insurers are offering a discount of up to 10% of premiums to drivers who install telematics in their vehicles.
The technology, which appeared in the early 2000s, enables insurers to monitor and evaluate the drivers’ behavior.
The authority’s objective is to limit accidents and the number of fatalities on the Federation’s roads.
Motor insurance tech start-up Motori is working to bring vehicle owners, insurers, road assistance companies and repair shops together on an artificial intelligence-enabled digital platform.
The aim is to take the hassle out of the accident claims process and to automate processes between industry stakeholders, allowing customers to handle and track every step of the process online from the comfort of their homes or offices, reported
Mr Ahmed Eissa, co-founder and chief executive of Motori, saw a technology gap in the insurance industry, especially in the post-insurance sale process. There are plenty of apps and platforms serving customers before a policy is sold. However, there was no technology to handle remote, post-sale interaction between industry stakeholders.
Mr Eissa said, “We are trying to minimise the effort and interactions of vehicle owners with others, especially these days when staying at home and [minimal] contact with others is most important.”
“We are also enabling remote working for insurance companies [and other industry stakeholders] helping them to communicate with the vehicle owners online.”
“The COVID-19 crisis emphasises the importance of technology,” he added.
The venture was conceived in January and the start-up was fully incorporated in March. It has launched with two services: automation for accident claims and automatic claim reconciliation between insurance companies. More services are on the way – some for vehicle owners and some for insurance companies in the UAE, Mr Eissa says.
The company is currently working with 45 insurance companies and about 500 garages across the UAE and aims to partner with more stakeholders, including government agencies, as it expands its services.
Safe City Group – an Abu Dhabi based technology provider for smart cities which owns Motori – has so far spent about AED6m ($1.6m) to develop the platform. It has allocated AED10m in total to put the company through its first year of operations, Mr Eissa says.
The next step is to bring in venture capital and other investors as Motori charts a course for expansion overseas, with Saudi Arabia as its next market.