Lightstone, a provider of comprehensive data, analytics and systems on automotive, property, and business assets has announced a significant enhancement to Live - its patented mobile App scanning and data enrichment solution launched last year that enable
In addition to its original functionality of being able to scan a vehicle’s licence disc, the enhanced App can now also easily and accurately scan and decrypt the barcode on a drivers’ licence card to confirm the validity of the licence.
According to Royden Volans, Commercial Director at Lightstone, the enhanced App will now become a feature under the product suite called Live, which delivers an all-encompassing solution enabling users to validate both a vehicle and a person’s licence card.
Volans says insurers in particular stand to benefit from the App. ”It is extremely difficult for someone to tamper with the decrypted bar code contained on a driver’s licence card. If there is any fraud, it usually involves using another person’s bar code and simply replacing the personal information on the licence. With this App, even if the information has been falsified, the risk of fraud against insurers, vehicle financiers and dealers is minimised.”
Through the vehicle scanning functionality, insurers are better able to understand the vehicle they are insuring. By scanning the vehicle’s licence disc and using the VIN number which is accurately and quickly extracted from the barcode, the verified details and description of the vehicle are automatically obtained. Understanding the status of a vehicle at policy initiation can greatly reduce administration costs, errors and reduce the risk of insuring a fraudulent vehicle.
He says the App gives insurers the correct data to help them make informed policy and pricing decisions. “This is done through gathering the information through the vehicle and drivers licence scanning, enriching the data through Lightstone’s data sources and moving the information to the insurers system in an accurate and short time frame.”
He adds that Lightstone provides insurers with the option to incorporate this technology into their own Apps and customise the functionality to meet their specific requirements. “The insurance company can decide who has access to the App and what functions are available. For example, insurance company suppliers would be able to use it to manage the supply chain through the scanning and GPS coordinates, date, time and stamp functionality, as well as offering clients a quick and easy pre-inspection process by scanning the vehicle licence disc, taking photos of the vehicle, scanning a drivers licence card and submitting this to the insurer.
The App can be customised to suit all insurers’ requirements, and is currently available on Android and IOS devices. Lightstone will be showcasing this unique technology at the Insurance Conference from 28 – 31 July. Representatives will be available at the Global Choices stand during the conference.
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