720594Risk Technology: Enhanced Telematics Platform with Real Time Video AnalyticsClosedGRD Development of PrototypeInnovate UKMotoring insurance premiums are rising due to a number of factors: 1) Increasing fraudulent claims – in 2013, dishonest motor claims rose by 34% to 59,900, valued at £811m, adding £90 to each insurance premium in the UK; 2) Rising personal injury claims – there were 775,000 motor personal injury claims registered to the DWP Compensation Recovery Unit in 2013/14, compared to around 520,000 claims in 2006/07, representing an increase of around 50% in claims. This increase coincided with a 23% decrease in the number of road traffic accidents reported to the police Risk Technology (RT) manufacture vehicle telematics devices (TDs) that gather metrics such as car location; speed; road type; statistics on acceleration and deceleration; rests during long journeys; overall mileage & the facility to differentiate motorway miles. TDs enable insurance companies to implement usage-based insurance (UBI), to monitor low risk driving, detect if fraudulent claims are being made, and offer reduced premiums to drivers. It is widely believed in the automotive and insurance industries that within 10 years, drivers will face inflated insurance premiums or be forced off the road unless they allow their driving to be monitored by TD’s. A 2013 TSB SMART grant enabled RT to develop the technical ability of their TD, & build a driver characteristic database & crash analysis tool for insurers to optimise the product they deliver, based on a competency scoring method (this project completes in early 2015). RT now propose a further £666k development of prototype project to add further functionality to the TD so it can: 1) Add video footage 2) Monitor driver behaviours 3) Emit ‘Safe Driving’ prompts This project will address the problems listed above, as clear and tamper-proof evidence will be available for insurers to help detect fraud - protecting innocent motorist & enabling lower premiums to be offered to safer drivers, enabled by savings made from a reduction in fraudulent claims.