Ravin AI, a provider of deep learning vehicle inspection technology, has secured an investment from Firemark Ventures, to provide its technology to retail customers and commercial fleets.
Firemark Ventures is the corporate venture capital arm of IAG, the largest general insurer in Australia and New Zealand.
According to Ravin AI, many large insurance providers serving the automotive industry can often face internal and customer-facing time-lags, as well as issues relating to the consistency of vehicle assessments and claims estimates.
Ravin’s platform is designed to improve the accuracy of vehicle assessments, reducing operational costs and improving customer trust by providing more transparent repair quotes. IAG’s investment also reflects Ravin’s wider market penetration strategy into the APAC region.
Eliron Ekstein, Co-founder and CEO of Ravin AI, said, “We are delighted to have received investment from such a renowned insurance provider and look forward to helping streamline and scale IAG’s operations using our deep learning vehicle inspection technology.
“This exciting Investment reflects IAG’s commitment to providing the best possible service for its customers by incorporating AI-based solutions into its toolkit for vehicle assessment, maintenance and repair. We are excited to work with IAG and look forward to seeing the impact of our collaboration on the retail and commercial Australian motor insurance landscape.”
Scott Gunther, IAG Firemark Ventures general partner, added, “IAG’s investment is based on Ravin’s market-leading vehicle inspection platform, which leverages mobile phone cameras and CCTV footage, combined with deep learning algorithms, to provide a comprehensive 360-degree analysis of a vehicle’s exterior condition.”
Earlier this year, Warranty Inspection Services (WIS), an automotive inspection company, teamed up with Truepic to leverage virtual inspection technology to support insurance providers. Through the Truepic Vision platform, WIS said it will improve customer experience by enabling self-inspection when a physical inspection isn’t necessary. WIS can now request and review trusted documentation from anywhere in the world.
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