POWERED BY STORYTELLING ❖ CRAFTED BY THE BEST WRITERS ON THE PLANET

CLICK BELOW TO REDISCOVER HUMANITY

How The Insurance Industry is Taking Advantage of AI Dash Cams   

The use of Artificial Intelligence (AI) is spreading throughout industries like wildfire. Companies use various AI-based technologies to identify patterns and risky behavior, prevent damages, and make predictions about the future.

However, this is only possible due to Big Data, Machine Learning, and Artificial Intelligence working together on a wide range of devices. From virtual assistants that can help people with their online search and shopping, to vehicles that can drive themselves, modern technology is definitely changing the way we live.

But, until we get to make full use of self-driving cars (the technology is still in its incipient stages), we do have some amazing devices that can help prevent accidents and reduce the cost of operating a fleet of vehicles.

The Benefit of Smart Dash Cams

Smart devices like the Samsara AI dash cam do a lot more than just record the drive. They are equipped with special software tools that can detect situations that can lead to an accident and can warn the driver about it.

For instance, an AI dash cam device can detect when the driver is not focused (they check their phone while driving) and will emit an audio warning that will continue until the driver corrects their behavior. Moreover, they can identify various traffic situations that may lead to an accident and can use data to plan out routes and accident-avoidance scenarios.

As a result, drivers will have assistance while on the road, which will keep them sharp and focused. This leads to fewer accidents, safer roads, and lower insurance premiums.

Why Do Insurance Companies Like Them?

Besides the obvious issue of safety and vehicle damage, accidents incur other costs such as determining liability, assessing the damage, and so on. Moreover, all these processes take time if there isn’t concrete evidence.

Now, a standard dash cam can provide video footage, but one paired with AI software can also register how the impact occurred and the situation of the driver at the moment of impact. This way, the time for assessment is shortened and liability can be established more easily.

In addition, depending on the model, AI dash cams can collect data and determine which of the drivers is most likely to get into an accident due to reckless driving. This way, the company can take preventive measures (like additional training or skill improvement requirements) and avoid an accident altogether.

Lastly, dash cams can also be used to determine the health and well-being of the drivers. After all, this is a stressful job and it can put a toll on the health (both physical and mental) of a person. Smart devices can be used to monitor the time spent behind the wheel, break time, and general alertness. And, if something is not right, the device can recognize the patterns and alert headquarters.

All these are actions to prevent accidents from happening, reduce damage, and keep insurance premiums at an acceptable level. It also increases transparency in the relationship between the insurer and the insured since they both have access to concrete data, collected from the company’s vehicles. As a result, it will be easier to establish correct premiums and keep the overall cost closer to the reality on the road.

Wrap Up

As smart devices get more involved in our lives, there is a chance we’ll see fewer accidents and loss of human lives. Still, we are only at the beginning of the road, which is why it’s important to understand just how much AI-based software can improve our current way of living. While at times it may look like an imposition, overall, the presence of smart devices is a good technological development.

BIZCATALYST 360°https://www.bizcatalyst360.com/about/
We are an Award-Winning global media digest, operating under the umbrella of 360° Nation, encompassing a wide range of multimedia enterprises, including; 360° Nation Studios —dedicated to reaching across the world in an effort to capture, produce, and deliver positive, uplifting messages via game-changing productions such as HopeFest 360°, and BucketFest 360°. We also operate GoodWorks 360° —a pro-bono consulting foundation focused entirely on providing mission-critical advisory services to nonprofits worldwide. With an emphasis on action, our 800+ international contributors empower people to transition from knowing what to do to actually doing it. Today and every day, we simply deliver the very best insights, intelligence, and inspiration available anywhere, doing it our way by placing our writers and our audience at the forefront. It's magical. It's evergreen. And quite frankly, It's just good stuff. Period.

DAILY INSPIRATION. DELIVERED.

PROUD RECIPIENT OF THE WEB MARKETING ASSOCIATION 2020 "STANDARD OF EXCELLENCE" AWARD

TAP INTO OUR FLOW