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3 min read

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Nov 23, 2022 Accelerating Auto Inspections and Lowering Costs with Image Authentication Technology

| | 3 min read

In today’s economy, warranties are critical as the value and care of used cars are paramount for most families. However, the accompanying costs and delays associated with each warranty inspection are challenging for both the customer and the warranty provider. Auto warranty providers have traditionally relied on third parties and antiquated processes to assess claims. These options are expensive and slow, typically taking up to three days and several hundred dollars.

Truepic’s image authentication technology is transforming the auto warranty industry, alleviating these pain points associated with the claims process. In a matter of seconds, Truepic’s virtual inspection platform allows service providers to self-inspect and submit verified images to warranty providers for claims and approval. The technology authenticates the image’s date, time, location, and all associated data ensuring trust and transparency. With image authentication technology, our partners have reduced inspection times to minutes while dramatically reducing costs.

Truepic Vision provides simple, fast, and accurate verification for auto inspections. Vision helps reduce premium leakage by authenticating images with supreme accuracy, improving auto insurance risk assessment. Captured images are served back to insurers in real-time with authenticity checks, resulting in significant time and cost savings. Image verification technology saves time and reduces costs by 75% on average. In addition, authenticated images minimize reliance on third-party inspection agencies, reduce repair cycle time, and increase service bay capacity with less vehicle downtime.

Digitizing processes by adopting image authentication technology allows for accurate mileage and vehicle identification to be collected instantly from policyholders. Truepic Vision enables insurers to verify vehicle possession, location, and mileage accurately. Contactless odometer and VIN extraction enable precise vehicle information to be collected in a matter of seconds, establishing a frictionless customer experience. Moreover, the platform ensures that drivers report accurate mileage to assess the right risk premium. Verifying the possession of the right car, including key features such as year, make, model, wheel details, and performance, becomes a streamlined process. Another benefit is the ability to confirm the location of the car and whether or not it is in the expected location. Getting an accurate odometer reading makes it easy to determine whether or not it falls within the expected range. Estimating how much a car is worth becomes more accurate. By using Truepic, you can ensure the vehicle is real, is in the right location, and matches your expectations, all at once.

Vision can be used in insurance underwriting, used car lending, and auto warranty. There is a higher risk of paying claims when drivers underreport mileage, thus receiving a lower insurance premium. Underwriting becomes more efficient and can be done confidently using Truepic’s automated vehicle and mileage verification. Without image authenticity, more time is spent deciding whether or not to approve a repair order request. Frictionless and trustworthy claims processing is made possible with Truepic’s virtual vehicle verification, optimizing auto warranty processes. Acquiring inaccurate or underreported odometer estimates makes it difficult to assess how much to loan to the borrower. Underwriting loans with Truepic’s virtual vehicle verification brings confidence to used car lending.

Truepic Vision’s image inspection platform allows service providers to receive verified images and videos instantly. Images and videos are served back in real-time with over twenty authenticity checks, saving significant time and reducing cost. In short, this technology is disrupting the auto warranty space.

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