What started out as a technological solution to improve information accuracy for insurance companies has turned out to be a fraud-combating solution. This is according to the creators of the Live Inspect app - a mobile-based scanning mechanism that some of SA's insurers are using before initiating new policies.
Lightstone - a company providing data, analytics and systems on property, automotive and business assets - teamed up with mobile application developer CustomApp to create Live Inspect, which scans barcodes on a motor vehicle's licence disc and measures the information against databases in order to have it verified.
Graham Harvey, CustomApp director, notes growing interest in the solution among local insurance companies. "Identifying the correct asset is crucial for insurance companies, with many of them handling a high amount of vehicle claims."
According to CustomApp, companies using the solution include Telesure - which owns Budget, Dial Direct and First For Women insurance brands - as well as First National Bank and Old Mutual iWyze.
By scanning licence discs, the app verifies the details contained on the barcode and validates it with Lightstone's numerous data sources and internal analytics department. Photos capture the exact state of the vehicle and are stamped with a GPS location and time detail.
This information is then sent directly to the insurers, which use it as they determine how their pricing will be structured. According to Lightstone, this also allows insurers to have a reference, should a claim occur in the future.
"This helps prevent claim fraud and would also immediately indicate if anything on the car was incorrect. If the colour is different to the VIN colour stated - an insurer could then determine the reasons behind the variation," the company said in a statement.
Information ecosystem
Jasper van Heesch, head of business development insurance at Lightstone, says: "Through Lightstone's relationship with the banks, dealers and insurers, we are able to identify vehicles throughout the life cycle of being bought, financed and insured, allowing all parties to have a complete understanding and history of a vehicle.
"The information that is returned via the app taps into real-time databases, so the insurer can be assured the information they are receiving is accurate, comprehensive and is the exact state the vehicle is in."
Live Inspect recently scooped the Best Android App - Enterprise accolade at the MTN Business App of the Year Awards, as well as being named the Business App of the Year.
Van Heesch said the award highlights the solution's "credibility as a data partner within the insurance industry".
Live Inspect is free on the Google PlayStore or iTunes App Store, and can be customised for each insurer, according to Lightstone.
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