AI Car Damage Scanner Wins Over Australia‘s Top Insurance Firm

Israeli tech that lets drivers scan their cars for dings and dents using just their phones may be coming to Australia. 

Ravin AI, the startup behind the inspection platform, has just received an investment for an undisclosed amount from Australia and New Zealand’s largest insurance company, Insurance Australia Group (IAG). 

Many large insurance providers have issues with consistently assessing vehicles and generating claim estimates. Ravin AI says it improves the accuracy of vehicle assessments, reduces operational costs, and provides more transparent repair quotes. 

IAG will also explore incorporating the Israeli tech into its toolbox for evaluating, maintaining, and repairing vehicles.  

Ravin says it trained its artificial intelligence with hundreds of millions of samples of car damage. As such it can identify if a car has a dent or a scratch, and the extent of the damage to the exterior and interior. It will then generate an inspection and condition report on the vehicle.

The AI uses a number of patented technologies to generate an instant model of the vehicle it is scanning. It interprets which part of the car the driver is looking at as they move around the vehicle, and then maps it on the generated model.

“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,” said Ravin AI CEO Eliron Ekstein.

“This exciting investment reflects IAG’s commitment to providing the best possible service for its customers by incorporating AI-based solutions into its tool-kit 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, said: “Having scanned the market for comprehensive and efficient vehicle inspection solutions, we found Ravin AI’s deep learning technology to be the most promising, with their accuracy, speed and transparency being central to the platform.

“As we look to further scale our motor insurance operations, we are excited to see the potential impact of Ravin’s vehicle inspection solution and look forward to integrating it into our approach.”