Advanced data analysis and machine learning will allow OEMs to parse through real-world data about how vehicles behave under specific driving circumstances, writes Ron Soreanu.
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Advanced data analysis and machine learning will allow OEMs to parse through real-world data about how vehicles behave under specific driving circumstances, writes Ron Soreanu
Behind the seamless logistics we experience today, lies an unsung technological marvel – telematics. Melding telecommunications with vehicular advancements, telematics is dramatically reshaping the intricacies of fleet management.
In the heart of the bustling metro area, Prestige Motors stands as more than a dealership — it is an institution. With multiple branches across the state and a history that spans decades, this family-run empire commands respect. The dealership’s sprawling showrooms, brimming with the latest models and an expert sales team, are a testament to Prestige's status. But behind the gleaming façade, the reality of today’s automotive retail landscape weighs heavily on Prestige’s management. In a world where new car sales margins are wafer-thin and customer loyalty is a fleeting concept, Prestige Motors is wrestling with a critical challenge: how to transform their extensive, often underutilized service department from a supportive function into a formidable profit center. It is a savvy pivot, reflecting a broader industry trend but implementing this vision has surfaced new operational hurdles—most notably, the increasingly frequent and often contentious issue of false damage claims, and the need for heightened efficiency.
The car insurance landscape is being redefined by technological innovation, and a recent article captures this transformation in vivid detail. Focusing on the revolution in vehicle inspection, the article highlights @Ravin AI's groundbreaking solutions, as well as the innovative strides made by industry leaders like @Allstate, @Progressive, @MetLife, @State Farm, and @Allianz. This narrative paints a compelling picture of how AI is enhancing both accuracy and efficiency within the industry, setting new standards that were once considered unattainable.
Imagine a world where the car rental process is devoid of lengthy queues, paperwork, and frustrating discrepancies about vehicle damages. That's the vision we share as we delve into the challenges that have historically plagued the car rental industry, specifically the arduous processes related to car inspections. These traditional routines have often been laborious, subject to human errors, and time-consuming, breeding customer dissatisfaction and operational inefficiencies. The industry has been crying out for a technological revolution to mitigate these challenges. That revolution has finally arrived on the back of Artificial Intelligence (AI) and machine learning technologies. Leading this transformative charge is Ravin AI.
In the bustling world of car auctions, the ceaseless pursuit of innovation has resulted in the transition from crowded auction houses to increasingly digitized platforms. Today, the industry stands on the brink of a monumental leap into the future, powered by artificial intelligence (AI). The incursion of AI into this domain is changing the dynamics of how vehicles are bought, sold, and valued, introducing an era of data-driven decisions and sophisticated automation.
Car leasing, a novel concept to some, has emerged as a popular alternative to owning a vehicle outright. The possibility of driving a brand-new car every few years, laden with cutting-edge features and sans the burdensome cost of ownership, is a tantalizing prospect for many. Yet, car leasing isn't as straightforward as it may seem; it's an intricate terrain with its unique set of rules, terms, and potential pitfalls. The goal of this comprehensive guide is to help you navigate this terrain confidently, making your journey through the world of car leasing smooth, enjoyable, and rewarding. And as an added bonus, we will introduce you to a trusty co-pilot on this journey – the Ravin AI car inspection app. It's never too early to familiarize yourself with this tool, so why not download the Ravin AI app right away?
The goal of autonomous vehicles is to reduce - and ultimately replace - the need for humans to be actively involved in the driving of vehicles on our roads. In the US, human error accounts for 94% of vehicle crashes. 94%!
When it comes time to turn in an old car for a new one, some folks prefer to do so at a dealership rather than sell their car privately. Many find the process to be a positive experience; for some, it’s a tax credit while for others, it’s credit towards a new car, or saving time on the selling process. Selling privately involves the headache of sorting through offers, talking to interested buyers, and meeting those potential buyers to show the car. By trading a vehicle into a dealership, sellers save time and can complete a transaction in one day.
Manual vehicle inspections often leave customers feeling discouraged and suspicious that they’re being taken advantage of. This can make it less likely to be proactive about regular inspections which can further lead to unsafe cars on the road. Digital vehicle inspections are changing all of this, especially road safety.
AI tools can make recommendations about services needed or anticipated problems and repairs. As a result of an ongoing semiconductor shortage and supply chain issues, new cars are in short supply, with delivery times stretching as far as a year.
The automotive industry is huge. In the US, it’s the second biggest industry sector after pharmaceuticals and the global auto industry is worth around $3tn (that’s trillion with a ‘t’!).
Here’s how Ravin AI’s automatic vehicle inspection can help both sides after an accident as well as simplify insurance claims post-accident.
Vehicle sensors gather structured, unstructured, and semi-structured data. Then it’s the job of data scientists and business intelligence analysts to write algorithms which turn that data into useful information. Even now, we’re only scratching the surface of what is possible today and will be possible over the next decade.
Ravin works with world-leading motor insurance companies to streamline claims and underwriting processes.
The automotive industry continues to drive in the fast lane, innovating the way one interacts, uses, and even purchases vehicles. Artificial intelligence (AI) and information-centric technologies (such as big data), help individuals and companies incorporate software solutions into daily transactions.
Ravin’s Inspect mobile web- app allows anyone to easily conduct a vehicle inspection using just their cell phone. The app is highly configurable, giving customers the ability to adapt the exact inspection steps to their specific requirements. And, because it’s a web-based app, users don’t have to download anything - it can run directly in their browser.
It’s no surprise when we say that the automotive industry is changing. And it’s changing fast. Artificial intelligence in the automotive industry is giving those in the space the chance to create things that they could have only once dreamed of.
As innovation is reaching new heights with connected and autonomous vehicles, the auto insurance industry is also experiencing its own evolution
Learn why data – especially that collected from sensors and other IoT devices multiplying by the day – along with AI could be doing much more for insurance companies.
After two and half years of COVID-19 craziness, the automotive industry is finally coming back together for a wide range of in-person conferences in 2022 & 2023. We’ve rounded up a list of our top automotive conferences in 2023 that you don’t want to miss below.
I’ve spent a good part of my career in ‘traditional industries’. These include energy and chemical companies that produce the most essential products to sustain our ever-demanding lives. And since I can remember, we have always looked to measure and reduce our carbon footprint.
It is often claimed that the vehicle grading system should be overhauled due to lack of objectivity. In reality, the best way to introduce such objectivity is to use technology that removes the total reliance on human damage disclosure.
There’s no argument that for the most part, COVID has been and still is a bad thing. It destroyed lives and livelihoods. But one outcome that is only beginning to gain wider acknowledgement is the way COVID has changed the rules on business engagements.
Thanks to AI, we are finally ready to implement the 'Don't Browse, Search' approach of capturing as much data as possible and turning it into insights, even in the high-trust area of quality inspection for physical goods.
Used car dealers looking to sell their vehicle, should maximize their selling position with proper car documentation, checks, and inspections. Learn how to easily generate these reports.
There’s nothing more disappointing than finding your car in bad shape after someone else has used it.
When your customer’s business keeps changing - what should you do?
AI has the potential to reshape the claims process and allow companies to begin focusing on prevention, mitigation, as well as, risk monitoring. Learn more.
Auto insurers looking to move into the digital age and embrace digital transformation must adopt AI and computer vision strategies. Here's why.
In partnership with Toyota, Ravin has introduced a set of AI tools to assist with visual inspections and communications. Learn more.
Learn how Ravin's artificial intelligence solutions are helping boost auto auction sales.
Back in February I gave a talk at Move 2020 in London which, given it was one of the last of the day, was surprisingly well attended.