Profitability in Ireland's and the UK's insurance market has rapidly deteriorated in recent years, leading to premium increases of 38% across the board. A major contributing factor to this is thought to be losses due to undetected fraudulent claims.
The company have set out to address this problem by developing a software tool that can accurately reconstruct vehicle collisions from devices in cars that use sensors such as GPS, accelerometers, magnetometers, and digital gyroscopes to track car movement. This tool can then provide visualisations of incidents and other useful details to claims investigators, helping insurers to make faster, more informed decisions on claims.
Questions for the study group to address:
Given the make, model, year, mass and dimensions of the vehicle as well as a time series of sensor data associated with the crash:
Based on this information, it would be possible to calculate estimates of the cost of the damage to the vehicle, which could then be given to the claims handler to assist them in processing the claim.
Additionally, it would assist with highlighting cases where the damage to the vehicle is not consistent with the crash as reconstructed from the sensor data.