In this first installment of our series on the Israeli Insurtech delegation attending the upcoming ITC Vegas convention in October 2024, we are thrilled to introduce our readers to the innovative companies reshaping the insurance landscape, starting with Ravin.AI, and delve into the depth of their journeys, challenges, and cutting-edge technologies through in-depth interviews.
Ravin AI
Ravin AI is at the forefront of revolutionizing the insurance industry by leveraging artificial intelligence to automate vehicle assessments. We help insurers capture a vehicle’s physical condition at the point of inception/underwriting to flag potential risks, as well as streamline a motor claim by capturing incident and damage data and producing rapid repair/settlement or total loss triaging.
What inspired you to start this company?
After completing his MBA at the London Business School, Eliron went into consulting and strategy at Shell Global. During his time, Eliron and colleagues developed initiatives to monetize and provide innovative services for Shell’s gas station retail customers. Ravin started as a concept to scan customer vehicles coming to fill up gas for damage and offer repair options. After being incubated within Shell, Ravin was born as a private company and Shell joined as the first investor.
Roman Sandler received his Ph.D in computer vision and is the engineer behind some of the first highway speed detection systems. Before co-founding Ravin he worked at Yahoo Research and Shutterfly, Inc. as the machine learning lead.
Roman and Eliron started building a prototype at night around 2018, before pitching the concept to Shell and other Venture Funds.
Product and Innovation
What is your main product or service? Our main product is an AI-powered vehicle inspection platform that automates the process of detecting and assessing vehicle damage. It utilizes computer vision and machine learning algorithms to deliver precise, real-time analysis, as well as vehicle condition triaging, repair options and cost estimates.
How does your product differentiate itself from existing solutions in the market? Approximately 80% of images uploaded manually by customers are difficult to assess by either humans or AI. Ravin AI sets itself apart with state-of-the-art image capture technology that enhances quality of images and mitigates fraud. This links to Ravin’s proprietary DeepDetect (TM) damage analysis platform, patented in USA, EU and Japan, and seamlessly integrates into existing systems, offering flexibility and scalability.
Additionally, while some competitors require heavy and costly hardware installations to capture images, Ravin AI simply requires a smartphone or small CCTV cameras. Unlike others who analyze damages from random synthetic images, we use pictures from our own extensive database. Ravin’s technology is cost-efficient and flexible, utilizing either mobile phones or stationary cameras, which are easy to deploy with a simple installation process.
Can you share any unique features or innovations your product offers? Some unique features of our platform include real-time damage detection, quality and integrity assurance, repair estimate and vehicle grading systems, and more – ensuring the best experience on the market and leading to unparalleled quality decisions by insurers, fleets and repairers.
Market and Problem-Solving
What specific problem are you addressing in the insurance industry? Motor claim costs are rising to unsustainable levels across the globe. Much of this is due to inefficient claim handling – incorrect allocation of claims to repair shops, where some of them could be settled in cash or vehicle totalled. Using remote triaging, Ravin streamlines those cases and routing the vehicles to bodyshops alongside a repair estimate, which helps control costs. We have shown over 50% faster settlement time per claim translating to over 30% in cost savings per average case.
Who are your target customers, and how do you reach them? Our target customers include insurance companies, fleet operators, car rental agencies, and automotive manufacturers. We reach them through online marketing campaigns, our website, industry partnerships, and participation in key industry events like the ITC conference.
What is the market potential for your solution? The market potential for our solution is vast, given the global scale of the automotive and insurance industries. With the increasing demand for automation and AI-driven solutions, we anticipate significant growth opportunities in various sectors worldwide.
Business Challenges and Solutions
What are the main challenges you have faced so far? One of the main challenges has been gaining trust and adoption from traditional insurers who are accustomed to manual processes. Additionally, ensuring the continuous improvement of our AI algorithms to handle diverse vehicle types and damage scenarios has been an ongoing task.
How have you overcome these challenges? We have overcome these challenges by demonstrating the tangible benefits of our solution through pilot programs and case studies. We also invest heavily in research and development to refine our algorithms and ensure they meet the highest standards of accuracy and reliability.
Current Status and Future Plans
What is the current status of your business (e.g., development stage, revenue, user base)? Ravin AI is in the growth stage, with a strong user base comprising several major insurance companies and fleet operators. We are generating revenue and continuously expanding our market presence.
What are your key milestones for the next 12 months? Key milestones include expanding our customer base, enhancing our platform with new features, and establishing strategic partnerships to drive further adoption. We also aim to increase our presence in key international markets.
Do you have any upcoming product launches or major updates planned?
We are preparing to release a significant update to our web-based mobile app. This will make the customer experience of scanning their damage as part of the FNOL process much more intuitive and fast. We are using the latest AI technologies running in the phone’s browser to provide realtime feedback to users to help them perform a successful scan.
In addition, we are working on a large update to our desktop portal, which gives claims agents and appraisers tools to remotely review damages.
Goals for ITC Conference
What are your primary objectives for attending the ITC conference? Our primary objectives are to showcase our innovative solution, connect with potential customers and partners, and stay abreast of the latest trends and developments in the insurance industry.
Are there specific partnerships or opportunities you are looking to explore? We are particularly interested in exploring partnerships with large US-based insurance companies.
Team and Culture
Can you introduce your founding team and their backgrounds? Our founding team includes experts in AI, automotive technology, and insurance. Our CEO, Eliron Ekstein has a background in the automotive and transportation sectors. Our CTO, Dr. Roman Sandler, has a strong background in AI and machine learning sphere.
How does your team’s expertise contribute to your success? The diverse expertise of our team enables us to approach problems from multiple angles, ensuring we develop a comprehensive and effective solution. Our deep industry knowledge and technical skills are key drivers of our innovation and success.
What is the company culture like at your startup? Our company culture is collaborative, innovative, and customer-focused. We value creativity, encourage continuous learning, and prioritize delivering exceptional value to our customers.
Funding and Investment
Have you secured any funding to date? If so, from whom?
We have raised funds from venture capital funds and strategic investors such as Shell and IAG (Australia’s largest insurance company).
Are you currently seeking additional investment? If yes, how much and for what purpose?
Yes, we are currently looking for additional investment to help fund our global growth ambitions.
Industry Insights and Trends
What are the biggest trends or changes you see happening in the insurtech industry? We see a significant trend towards automation and the use of AI to enhance various aspects of insurance, from underwriting to claims processing. There’s also a growing focus on customer experience and the use of data analytics to drive decision-making.
How do you see the insurance landscape evolving in the next 5 years? In the next five years, we anticipate a more digitally-driven insurance landscape, with AI and machine learning playing a central role in operations. Insurers will likely adopt more personalized and predictive approaches to meet customer needs more effectively.
Unique Selling Proposition
What is one thing you want potential customers or partners to remember about your company? We want them to remember that Ravin AI offers a transformative, AI-driven solution that delivers unparalleled accuracy and efficiency in vehicle inspections, ultimately helping them save time, reduce costs, and enhance customer satisfaction.
We are excited about the future of insurtech and are committed to driving innovation in the industry. We look forward to the opportunities and partnerships that lie ahead and are dedicated to making a positive impact through our technology.
