The Asia InsurTech Podcast spoke with Bruno Fernandez-Ruiz, a co-founder and the CTO of Nexar, about the limitations of self-driving cars and the power of big data and AI to help people drive safer and insurers to settle claims faster and more efficiently.
Bruno and his co-founder Eran Shir founded Nexar with the idea to create a web-search-like functionality for the physical world. Nexar uses AI and IOT cameras to help drivers be safer by informing them about road conditions and possible dangers. The startup is crawling the footage of its hundred of thousand dash cams to understand the physical conditions in real-time.
Nexar’s solution aims to make driving safer for everyone and minimize collisions. Firstly by helping people to spot dangerous situations but also by teaching drivers how to become better drivers. Nexar is using a gamification feature to encourage people to improve their driving skills. However if a crash does happen the collected data helps streamline the claims management process. Nexar’s insurance offering uses video FNOL and unique first and third-party collision reconstruction, based on AI, to make claims resolution faster and better by accurately understanding all actors on the scene. It can also provide crowd-sourced information about types of collisions and dangerous areas.
Nexar is used all over the world, from Mitsui Sumitomo Insurance in Japan, which uses Nexar for collision reconstruction for hundreds of thousands of vehicles, to New York’s largest rideshare operators and insurers, and is now available in Singapore and across Asia Pacific.